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Jammaz Al-Suhaimi, chairman, and
Dr Yahya Alyahya, CEO.

GIB H1 posts $47m profit

MANAMA, July 26, 2015

Gulf International Bank (GIB) reported a consolidated net income after tax of $47.3 million for the six months ended June 30, 2015, compared to $50.2 million in the prior year period.

Prior year income included an exceptional, one-off recovery of a previously written off loan, the bank said.
 
Excluding this exceptional income item, net income was marginally up on the prior year despite an increase in expenses associated with GIB’s new innovative retail bank launched in Saudi Arabia in December 2014. Net income after tax in the second quarter was $20.9 million.

Total income at $149.0 million was $14.6 million or 11 per cent up on the prior year with year-on-year increases recorded in all income categories with the exception of other income.
The year-on-year increases in all core income categories reflects the successful progress in the implementation of the new business strategy to transform GIB into a leading pan-GCC universal bank providing innovative customer-centric solutions, it said.

Net interest income at $85.6 million for the six months was $9.0 million or 12 per cent up on the prior year period.

Total expenses at $91.0 million for the six months were $9.8 million or 12 per cent up on the prior year period. The year-on-year increase in expenses was attributable to the on-going investment in the implementation of GIB’s new retail banking proposition, the bank said.
 
Consolidated total assets at the half year end were $23.1 billion, being $1.8 billion or 9 per cent higher than the 2014 year end level.

Gulf International Bank (GIB) is a leading bank in the Middle East with its principal focus on the GCC states. The bank is owned by the six GCC governments. - TradeArabia News Service




Tags: profit | GIB | income |

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