GIB reports first half profits of $70.5 million

Bahrain based Gulf International Bank (GIB) reported a consolidated net income after tax of US $70.5 million for the six months of 2002, a decline of 3.6 percent from US $73.1 million, the same period a year earlier.

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By  Massoud Derhally Published  July 24, 2002

Bahrain based Gulf International Bank (GIB) reported a consolidated net income after tax of US $70.5 million for the six months ended 30th June 2002, down 3.6 percent from US $73.1 million from the same period a year earlier.

Net interest earnings were $5.6 million or 5.8 per cent up on the prior year period with the increase largely attributable to higher securities volumes.

Other income at $59.1 million benefited from higher profits from securities activities and was $15.6 million or 35.9 per cent ahead of the result in the comparable prior year period.

Operating expenses declined by 7.9 per cent to $51.0 million that the bank attributed to ongoing benefits derived from the recent restructuring initiatives.

Bottom line net income after tax recorded a $2.6 million or 3.6 per cent decline over the prior half year due to higher provisions for credit losses.

Consolidated Total Assets at the half-year end were $15,794.4 million. This represented a $562.4 million increase against the 2001-year end level. The bank attributed the increase to higher securities volumes and lower placement volumes.

Shareholders’ Equity at $1,147.0 million represented 7.3 per cent of Total Assets.

GIB’s ownership structure is as follows: the six GCC states hold a 72.5%share, equally divided, Saudi Arabia Monetary Agency (SAMA) holds a 22.2% share and J.P.Morgan holds a 5.3%share

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