GIB posts steady interims

01 November 2002

Bahrain-based Gulf International Bank (GIB)on 22 October reported nine-month profits of $80.5 million, a marginal decline on the corresponding period last year. In the context of bearish global capital markets and sustained low interest rates, the flat performance is impressive.

Earnings were supported by an 8 per cent increase in net interest income and a 47 per cent improvement in other income. 'This strong advance was in part attributable to improved fee income from the corporate finance and asset management activities,' says the bank in a statement. Profit growth was limited by a $60 million provision for securities, up from $23.9 million in the same period of 2001.

The 12 months to 30 September have wrought a significant restructuring of GIB's balance sheet. Total assets have increased by almost $1,500 million to $16,701.8 million, fuelled by increased customer and bank deposits and by higher securities and placement volumes.

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