The Bahrain International Bank (BIB) posted a 67 percent drop in net profits during the first six months of 2002 reaching $2.2 million compared to $6.75 million from the same period last year, reported the Kuwait Global Investment House.
The bank’s operating income reached $12.5 million in the first six months of the year compared to $13.5 million from the first half of 2001. BIB attributed the decrease in earnings to the instability of world investment markets.
Established in 1982, BIB is a Gulf-based international investment bank providing investment and corporate financial services to its private and institutional clients in the Gulf and overseas. BIB has offices in Bahrain, the United States, London and Dublin. BIB holds a BBB investment grade by international rating agency Fitch-IBCA. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
