Government-owned bank makes $41.6m writedowns
Bahrain-based Gulf International Bank (GIB) has reported a profit of $2.3m in the third quarter, compared to a loss of $220.7m in the same period of 2008.
The GCC government-owned bank said it made writedowns of $41.6m in the third quarter, bringing total provisions to $233m for the year to the end of September.
Revenues in the first nine months were $133m, down from $166.1m in the same period of 2008. The bank also said total assets are $17bn, down by $8.1bn. This reflects the sale of $4.8bn of securities in March.
Loans and advances fell $2.9bn to $10bn at the end of September.
GIB raised SR2bn ($533m) from a private placement with investors in Saudi Arabia earlier this month (MEED 9:11:09).
A MEED Subscription...
Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.