MANAMA, 26 April 2004 — Bahrain-based Gulf International Bank (GIB) reported yesterday net income of $39.2 million for the first three months of 2004, $11.6 million or 42 percent up over the first quarter of 2003. Consolidated total assets at the quarter end were $17.951 billion, some $649.4 million up on the 2003 year-end level, mainly due to a $485.1 million increase in loans and advances.