Bahrain International Bank (BIB) recorded an 11.5 per cent increase in net income for 1993 to $15.3 million. It is the third successive increase in annual net income since the Manama-based offshore investment bank’s managerial reorganisation.
Total assets grew by 38 per cent to $462 million. Total investments and loans rose by 45 per cent to $398 million. Deposits and long-term funding doubled to $249 million. Shareholders’ equity rose slightly to $193 million after retentions. Earnings a share have increased by 14.4 per cent, BIB says.
The bank is to recommend a 7.5 per cent dividend to the annual general meeting, which is scheduled to be held on 22 February. ‘Our investment activities in Europe and the US continued to produce good results all round and we recognised a very encouraging first contribution from our Gulf corporate finance business,’ general manager and chief executive Robin McIlvenny says. ‘We now enjoy considerable liquidity as a result of the $110 million medium-term bond issue we completed at the end of 1993. This will be used to generate client investment opportunities internationally and in the Gulf region.’
In January, BIB for the first time arranged and underwrote the management buy-out of a Gulf company and is now working on a second similar deal (MEED 21:1:93). The $110 million in 10-year floating rate notes raised in December will be used to continue building the bank’s securities, corporate finance and real estate business lines (MEED 7:1:94).