Gulf International Bank Earnings Rise 13 Percent
The Manama-based Gulf International Bank (GIB) reported on Tuesday a consolidated net income after tax of $73.1 million for the first six months of the year, reported the Gulf Daily News.
The result represent a $8.4 million or 13 percent increase over last year's half-year result.
The increase in the profit for the first half of the year was attributed to higher net interest earnings, a lower level of provisions and a reduction in expenses, the bank said in a statement, cited by the paper.
These factors more than offset a decrease in non-interest earnings resulting from a lower level of profits generated by the group's trading activities, it added.
Net interest earnings were $12.8 million or 15.3 percent up on the first six months of last year.
The increase reflected a higher volume of securities and the benefit derived from a widening in credit spreads during the second half of last year, the statement added – Albawaba.com
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