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).