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Gulf International Bank posts 12.8 pc slump in H1 profits
Manama, July 21: Gulf International Bank (GIB) announced today a 12.8 per cent slump in first half 2003 net profits to 61.5 million dollars from 70.5 million in the same period a year earlier.
Manama, July 21: Gulf International Bank (GIB) announced today a 12.8 per cent slump in first half 2003 net profits to 61.5 million dollars from 70.5 million in the same period a year earlier.
GIB said net interest income was down 15.3 per cent to 86.6 million dollars, largely owing to "reduced interest earnings ... In the lower interest rate environment."
Other income at 70.8 million dollars was, however, 19.8 per cent up on the prior year, "reflecting strong advances in both trading income and investment banking and management fees," it said. Total assets rose 770.6 million dollars during the first six months to 17.007 billion.
GIB is a Manama-based joint venture of the Gulf Cooperation Council (GCC) which groups Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates, and is active in regional and international financial and capital markets. Bureau Report
Other income at 70.8 million dollars was, however, 19.8 per cent up on the prior year, "reflecting strong advances in both trading income and investment banking and management fees," it said. Total assets rose 770.6 million dollars during the first six months to 17.007 billion.
GIB is a Manama-based joint venture of the Gulf Cooperation Council (GCC) which groups Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates, and is active in regional and international financial and capital markets. Bureau Report