MANAMA, 14 February 2005 — Bahrain-based Gulf International Bank (GIB) reported yesterday net income of $150.2 million for last year, a 42 percent increase over 2003. “The significant year-on-year increase in the group’s profit was attributable to increases in both interest and non-interest earnings, the containment of expenses and a lower level of provisions,” it said in a statement. Total assets rose by $1.8 billion to $19.1 billion, an increase the bank said was due to significant growth in its loan portfolio. “This reflects GIB’s position as the leading financier and arranger of specialized lending within the Gulf Cooperation Council (GCC) including petrochemical and gas projects, as well as shipping and aircraft finance, and Islamic finance.” Net income in 2003 was $106.1 million, up 24.4 percent on the previous year.