Gulf International Bank sees net income rise

07 November 2010

Bank made a losss during same period last year

Bahrain’s Gulf International Bank (GIB) has posted a consolidated net income after tax of $86.1m for the first nine months of 2010, compared to a loss of $20.2m a year earlier, Gulf Daily News has reported. Net income after tax in the third quarter rose to $29.8m from $2.3m in the third quarter of last year. Fee-related income at $26.5m was $4.2m lower than in the previous year period due to a lower level of investment banking fees. “This reflected a subdued level of corporate finance-related activity in the region due to the prevailing market environment,” said Yahya Alyahya, chief executive officer, GIB.

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