ALBAWABA - The Gulf International Bank (GIB) reported a record growth of 108 percent in net profit last year, the bank said in a statement.
GIB said its profit reached $78.7 million by the end of 2022, compared with $37.9 million recorded all through 2021.
"GIB’s financial performance demonstrated the Bank’s progress in successfully implementing initiatives and measures to increase shareholder returns," the statement said.
"Growth across all business lines contributed to a 32 percent increase in revenues,
and coupled with increased efficiencies and measured investment, the Group’s net income for the year amounted to $96.1 million, compared to $52.7 million in 2021," according to the statement.
Gulf International Bank has reported a net income attributable to the shareholders of the bank of $28 million in the fourth quarter of 2022, compared to a loss of $1 million in the same period last year. read more- https://t.co/MdD7oNVZcK pic.twitter.com/MpwziUqL7V— Banking Frontiers (@BankingFrontier) March 1, 2023
GIB’s Chairman Abdulla Al-Zamil said GIB's achievements in 2022 "reflect the dedication, commitment and tireless work of our team operating across the Group’s various entities around the globe."
"Client centricity, focus and effective prioritization, coupled with conducive market conditions, allowed the bank to realize the rewards from the investments made in people, technology and governance, and to deliver a strong set of results," he added,
GIB’s Group CEO Abdulaziz Al-Helaissi said last year was when the "full extent of our future vision for GIB became a reality."
He said after disruptions in recent years, including the ceased economic activity during the COVID-19 pandemic, "2022 saw the bank delivers its best financial results for more than a decade."
"Assets are increasing in scale and quality, the balance sheet is prudent, diversified and solid, risk is well managed, and the culture of the bank is established, strong and empowering," he added.
GIB is a financial institution created in 1975 and regulated by the Central Bank of Bahrain. It has branches in Gulf Arab states, which are members of the six-nation Gulf Cooperation Council.