Gulf International Bank (GIB) reported consolidated net income after tax of $39.2 million for the three months ending March 31, 2004, representing an $11.6 million or 42 percent increase over the prior year period.
The strong year-on-year advance was attributable to higher non-interest earnings and a lower level of provisions, according to a press release. Net income is reported after provisions for credit losses of $8.8 million, being $11.3 million lower than the provision charge of $20.1 million in the first quarter of 2003.
Net interest income at $43.1 million was marginally lower than in the prior year period. A decrease in interest earnings resulting from the lower interest rate environment was largely offset by higher margin income from the core Gulf Cooperation Council (GCC) banking activity.
GIB is a GCC focused merchant bank headquartered in Bahrain. Consolidated total assets at the quarter end were $17.9 million, being $649.4 million up on the 2003 year end level. This was principally attributable to a $485.1 million increase in loans and advances. — (menareport.com)
© 2004 Mena Report (www.menareport.com)
