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.