GIB Posts $118m Profit in 2000

The Bahrain-based Gulf International Bank (GIP) posted a record profit of 118.1 million dollars in 2000, reported the Bahrain Tribune newspaper.  

Minister of finance and national economy, Abdullah Hassan Saif, announced that the net income reached $118.1 million in 2000, comprising a 74.7 percent increase over the previous year. 

“The strong advance profit was attributable to significant year-on-year increases in both interest and non-interest earnings,” said Saif. 

The financial statements are subject to ratification at GIB’s 24th general assembly, said the Tribune. 

The bank was established in November 1975.  

It won the Euromoney Award of "Best Local Bank in the Middle East" in 1999. 

GIB is owned by the Gulf Investment Corporation GIC), the Saudi Arabian Monetary Agency and JP Morgan.  

The Gulf Investment Corporation is owned equally by the governments of the six member states of the Gulf Cooperation Council (GCC) – Albawaba.com