GIB’s net income after tax in the second quarter was $29.5 million, representing a 10 percent increase in profit over the first quarter, the bank said in a statement.
The bank had suffered huge losses to the tune of $757 million last year as a result of subprime-linked exposure.
Consolidated total assets at half-year end were $15.8 billion. The asset profile at June 30 this year reflected a high level of liquidity that is being maintained as a precautionary measure in the prevailing stressed and volatile market environment.
Cash and other liquid assets as well as placements with banks totaled $5 billion, representing 32 percent of total assets.
GIB also reported consolidated operating income of $63.5 million. Operating income of $32.9 million for the second quarter was eight percent up on the first quarter.
Net interest income, which at $87.3 million for the six months represents the bank's principal income source, was 23 percent down on the same period last year.
The year-on-year decrease was attributable to the deleveraging and derisking of the balance sheet and the prevailing historically low level of interest rates.
Net interest income in the second quarter, amounting to $44.1 million, was nevertheless slightly up on the first quarter.
Fee-related income of $16.9 million from April to June was 14 percent lower than the same period last year due to a lower level of investment banking fees.
This reflected a subdued level of corporate finance-related activity in the region due to the prevailing volatile market environment.
GIB has nonetheless recently been appointed as financial adviser, lead manager and co-underwriter for the upcoming IPO of Abdulla Abdul Mohsin Al-Khodari Sons Company in Saudi Arabia.
Total expenses of $50.7 million for the six months were $9.6 million or 16 percent less than the first half of 2009.
