Net profits of Gulf International Bank (GIB) for the first half of 2001 reached $73.1 million, according to AFP news agency. The profits represent a 13 percent hike in comparison to the corresponding period of the previous year.
A rise in net interest earnings, from $11.1 million to $12.8 million in the first six months of the year, offset the fall in non-interest earnings resulting from lower profits from trading activities.
The Bahrain-based bank posted net profits in 2000 of $118.1 million, representing an astounding 74.7 percent surge in comparion to the previous year. The gain was attributed to increases in both interest and non-inerest earnings.
GIB is a wholesale commercial bank owned principally by Gulf Investment Corporation, which holds a 72.5 percent share of the bank. The Saudi Arabian Monetary Agency (AMA) and JP Morgan Overseas Capital Corp. of the United States are also in partnership of the bank, each holding a 22.2 percent and a 5.3 percent stake, respectively.
GIB acquired the London-based Saudi International Bank in March 1999 in a cash and share deal, in a move to become one of the region's largest corporate banks. Prior to the acquisition, GIB was wholly owned by Gulf Investment Corporation. In 1999 the bank won the Euromoney Award for the "Best Local Bank in the Middle East." — (Mena Report)
© 2001 Mena Report (www.menareport.com)
