Bahrain-based Gulf International Bank (GIB) has announced a 20 per cent rise in net earnings to $52.7 million for the first half of 1997. Other income more than doubled to $33.4 million, largely owing to an improved securities trading performance. Earnings were also boosted by profit on the sale of a long-term investment, GIB said, without giving any further details. Total footings were slightly higher on the period at $9,039 million.
Earlier in the year, GIB made its first foray into the Euronote market with the launch of a $200 million floating rate note (FRN). The interest rate on the five-year note was set at 32.5 basis points over the three- month London interbank offered rate (Libor – MEED 18:7:97).