BIB says first-half profits rise by 12 per cent

08 August 1997

Bahrain International Bank (BIB) has reported a 12 per cent rise in first-half net profits to $10.1 million, mainly because of a fall in general investment provisions compared to the previous year. Net operating income was down by 28 per cent at $10.2 million.

The bank said that operating earnings were supported by gains on its portfolio of investment securities and its real estate business in the UK, while fees from investment banking business related to the Gulf also continue to rise. 'During the reporting period we exercised a partial sale of treasury shares at a significant premium of $2.7 million, which was added to the reserves,' chief executive Robin McIlvenny said in a statement.

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