MANAMA, 19 October 2005 — Bahrain-based Gulf International Bank (GIB) said yesterday its nine-month net profit jumped 54 percent to $164.4 million. GIB said in a statement net interest income rose in the first three quarters to $134.1 million, up $5.5 million from the same period last year. “This was principally due to higher (Gulf Arab states) loan volumes and margins, and a more favorable interest rate environment,” the statement said. J.P. Morgan Chase in June sold its 5.3 percent stake in GIB to the Saudi Arabian Monetary Agency (SAMA), raising SAMA’s stake to 27.5 percent. In August, Moody’s upgraded GIB’s long-term deposit rating to A3 from Baa1, while Standard & Poor’s raised its rating to A- from BBB+ in April.