The Manama-based Gulf International Bank (GIB) reported consolidated net income after tax of $70.5 million for the six-month period, which ended June 30, 2002. The bottom line net income after tax recorded a $2.6 million or 3.6 percent decline over the prior half year due to higher provisions for credit losses.
Net interest earnings were $5.6 million or 5.8 percent up on the corresponding period the prior year. The increase was attributed to higher securities volumes, according to a bank press release. Other Income at $59.1 million benefited from higher profits from securities activities and was $15.6 million or 35.9 percent ahead of the result in the comparable prior year period.
Operating expenses declined by 7.9 percent to $51.0 million reflecting benefits derived from restructuring initiatives, the release stated. Consolidated total assets at the half-year end were $15.79 billion. This represented a $562.4 million increase against the 2001 year-end level.
Higher securities volumes and lower placement volumes principally accounted for the net increase. Shareholders' equity at $1.147 billion represented 7.3 percent of total assets. GIB is a Gulf Cooperation Council (GCC) focused merchant bank headquartered in the Kingdom of Bahrain. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
