Gulf International Bank (GIB) has reported profits of $43.1 million for the first six months of 1995, 15 per cent higher than the same period last year. The first half results put GIB in a position to reverse the 15 per cent drop in profits experienced in 1994, when net income for the year was $74.8 million (MEED 3:2:95).
Increased revenues to June mainly came from a 43 per cent rise in interest and fees from loans to $136 million. The bank says its Gulf business has grown with an increase in project finance related work, and in Asia the bank has reported a steady flow of short-term business, mainly trade finance.
Assets rose 9 per cent to $7,697 million, with loans and advances rising by 3 per cent to $3,367 million. However, the bank’s securities portfolio fell 6 per cent during the period to $1,881 million. Shareholder’s equity is now almost 8 per cent of assets at $601 million, and the bank’s Cooke ratio is 11.8 per cent.