GIB Approves Financial Results

Author: 
Staff Writer
Publication Date: 
Wed, 2004-01-28 03:00

BAHRAIN, 28 January 2004 — The board of directors of Gulf International Bank BSC, with headquarters in Bahrain, approved its consolidated financial results for the year 2003 at its meeting yesterday. Consolidated net income after tax at $106.1 million for the year was $20.8 million or 24.4 percent up over 2002. The significant year-on-year increase in the group’s profits was due to substantially higher non-interest earnings and a lower level of provisions, according to a bank press release.

The increase in non-interest earnings is largely attributable to strong trading revenues although it also reflected the bank’s strategic emphasis on merchant banking activities. Net income is reported after provisions for credit losses of $55.2 million (2002: $82.7 million). Consolidated total assets rose to $17.3 billion at the end of 2003, representing an increase of $1.1 billion over 2002. The increase principally reflected advances in loans and available-for-sale securities. Shareholders’ equity amounted to $1.4billion at the end of 2003, rising by $260.6 million during the year.

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