Gulf International Bank (GIB) recorded consolidated net income after tax of $106.1 million for the year, up 24.4 percent on the previous year.
GIB's 2003 consolidated accounts were ratified at the 27th meeting of the General Assembly convened today in Manama, Bahrain. The General Assembly also approved the payment of a $53 million dividend from the 2003 profits.
Consolidated total assets rose by $1.1 billion to $17.3 billion at the end of 2003, principally due to advances in loans and available-for-sale securities. An increase in shareholders' equity to $1.4 billion at the 2003 year end was partly attributable to the profit for the year although also more significantly to a substantial increase in the fair values of the Group's available-for-sale securities which are accounted for in equity in accordance with international accounting standards.
GIB is a Gulf Cooperation Council (GCC)-focused merchant bank headquartered in the Kingdom of Bahrain. The six GCC governments, Bahrain, Kuwait, Qatar, Oman, Saudi Arabia and the UAE, own 72.5 percent of the bank, while the Saudi Arabian Monetary Agency and JP Morgan Overseas Capital Corporation own 22.2 percent and 5.3 percent respectively. — (menareport.com)
© 2004 Mena Report (www.menareport.com)
