Gulf international bank reports a nine month profit of $64.7 million

Press release
Published November 10th, 2015 - 08:21 GMT
Dr.Yahya Alyahya
Dr.Yahya Alyahya

Gulf International Bank B.S.C. (GIB) reported consolidated net income after tax of $64.7 million for the nine months ended 30th September 2015, compared to $72.7 million in the prior year period. Net income after tax in the third quarter was $17.4 million.

Total income at $223.8 million was $23.1 million or 12 per cent up on the prior year with year-on-year increases recorded in all income categories with the exception of other income. The year-on-year increases in all core income categories reflects the successful progress in the implementation of the new business strategy to transform GIB into a leading pan-GCC universal bank providing innovative customer-centric solutions. The increase in total income more than offset a year-on-year increase in total expenses of $15.8 million associated with GIB’s new innovative retail bank resulting in a year-on-year increase in net income before provisions and tax of $7.3 million or 9 per cent.

Net interest income at $139.0 million for the nine months was $22.0 million or 19 per cent up on the prior year period. The year-on-year increase in net interest income reflected an increase in the loan volume during the nine months as the Bank continues to successfully reorientate its lending activities from transactional-based long-term project and structured finance to relationship-based large and mid-cap corporates. Fee and commission income at $52.4 million was $2.0 million or 4 per cent up on the prior year, and comprised almost one quarter of total income. The year-on-year increase reflected continued success in GIB’s strategic focus on non-asset based, relationship-orientated products and services, and on supporting customers’ commercial and trade finance requirements. Foreign exchange income at $15.8 million was $0.7 million or 5 per cent up on the prior year period. Foreign exchange income principally comprised revenue derived from customer-related activities, and in particular revenues derived from structured products designed to assist customers in hedging their foreign exchange exposures in the current volatile markets. Trading income at $4.9 million was $1.4 million up on the prior year period. Trading income principally comprised gains on an investment in a fund managed by the Bank’s London-based subsidiary GIB (UK) Limited, and customer-related interest rate derivative income.  Other income of $11.7 million for the nine months compared to $14.7 million in the prior year period. However, prior year income included an exceptional, one-off $3.0 million recovery relating to a previously written off loan. Other income for the period principally comprised dividends on equity investments.

Total expenses at $138.3 million for the nine months were $15.8 million or 13 per cent up on the prior year period. The year-on-year increase in expenses was attributable to the on-going investment in the implementation of GIB’s new retail banking proposition. A loan provision charge of $19.6 million compared to $7.3 million in the prior year period.

Consolidated total assets at the third quarter end were $23.9 billion, being $2.6 billion or 12 per cent higher than the 2014 year end level. The asset profile at 30th September 2015 reflected a high level of liquidity. Cash and other liquid assets, and short-term placements totalled $9.5 billion, representing an exceptionally high 40 per cent of total assets. Investment securities at 30th September, which principally comprised highly rated and liquid debt securities issued by major financial institutions and regional government-related entities, amounted to $4.2 billion. Loans and advances amounted to $9.5 billion, being $1.6 billion or 20 per cent higher than at the 2014 year end, reflecting new relationship-based large and mid-cap corporate loans. There was a further improvement in the Bank’s funding profile during the first nine months of 2015 with a $2.6 billion increase in customer deposits. As a result, customer deposits comprised 91 per cent of total deposits. Securities sold under agreements to repurchase (repos) increased by $0.8 billion during the first nine months of 2015 to $1.4 billion at 30th September 2015. The increase in repos reflected a strategic initiative to fund a higher proportion of the investment security portfolio through repos in order to minimise the related funding costs. A $1.0 billion decrease in senior term financing was due to the maturity of a Saudi Riyal denominated bond issue while a $0.3 billion decrease in subordinated term financing reflected the early prepayment of a subordinated debt issue that was contractually due to mature in September 2015. GIB’s robust funding position demonstrates the confidence of the Bank’s customers and counterparties based on its strong ownership and financial strength. The Basel 3 total and tier 1 capital adequacy ratios at the third quarter end were an exceptionally strong 17.3 per cent and 16.4 per cent respectively.

Gulf International Bank (GIB) is a leading bank in the Middle East with its principal focus on the Gulf Cooperation Council (GCC) states. The Bank is owned by the six GCC governments, with the Public Investment Fund of Saudi Arabia holding a majority stake (97.2 per cent). In addition to its main subsidiaries Gulf International Bank (UK) Ltd. and GIB Capital, the Bank has branches in London, New York, Dhahran, Riyadh, Jeddah and Abu Dhabi, in addition to representative offices in Dubai and Beirut.

Background Information

Gulf International Bank

Gulf International Bank B.S.C. (GIB) was established in the Kingdom of Bahrain in 1975, and commenced operations in 1976. In 2017, GIB became the first foreign domiciled bank to be granted approval from the Saudi Arabia Council of Ministers to establish a local commercial bank in the Kingdom of Saudi Arabia.

Consequently, GIB's branch offices in the Kingdom will become part of the Saudi Arabian subsidiary, with the country headquarters located in Al Dhahran.

للسبت الـ15.. احتجاجات السترات الصفراء تتواصل في فرنسا

Published February 23rd, 2019 - 09:46 GMT
من احتجاجات السترات الصفراء في فرنسا
من احتجاجات السترات الصفراء في فرنسا

يواصل الآلاف من محتجي حركة "السترات الصفراء" تظاهراتهم للأسبوع الخامس عشر على التوالي في العاصمة باريس ومدن فرنسية أخرى.

وقالت الشرطة في بيان، "أعلن في باريس عن خمس تظاهرات، ثلاث منها بشكل تجمعات، أما المسيرتان الأخريان اللتان سميتا على موقع فيسبوك للتواصل الاجتماعي "تسونامي أصفر" و"كلنا في الشانزيليزيه لا نتراجع عن شيء"، فستنطلقان من قوس النصر ظهر اليوم السبت على التوالي وتنتهيان في ساحة تروكاديرو".

وأضاف البيان أن هذه المسيرات ستعبر جادة الشانزليزيه وحي الأوبرا وتلتف حول متحف اللوفر وتتوقف أمام مقر "حركة شركات فرنسا" ثم تواصل طريقها إلى ساحة تروكاديرو.

من جهتها قالت وزارة الداخلية الفرنسية بشان الأرقام التي تنشرها، إن حجم التظاهرات تراجع في أيام السبوت الأربعة الأخيرة.

بدورهم أعلن أربعة آلاف شخص من رواد مواقع التواصل الاجتماعي مساء الجمعة عبر فيسبوك عن نيتهم المشاركة في هذه التجمعات، وقال أكثر من 18 ألفا آخرين إنهم "مهتمون" بها.

وذكرت مواقع التواصل أنه ستُنظم تجمعات في مدن أخرى غير العاصمة، مثل بوردو، التي تعد مع تولوز من مواقع التعبئة الكبرى التي تشهد باستمرار صدامات عنيفة مع قوات الشرطة.

من جهتها أبلغت نقابة شرطة بوردو المسؤولين مساء الجمعة عن "الوضع الحرج" و"الإنهاك المعنوي والجسدي" لرجال الشرطة، مطالبة بوسائل أكثر فاعلية لمواجهة "حرب العصابات في المدن".

لكن وزير الداخلية الفرنسي كريستوف كاستانير صرح خلال زيارة إلى ضاحية أوبرفيلييه شمال شرقي باريس "إذا كان البعض يعتقدون أن رجال الشرطة سينهكون وسيتم استنزافهم، فهم مخطئون"، مؤكدا أن "رجال الشرطة سيكونون حاضرين وسيقومون بمهامهم".

يشار إلى أن 41 ألف شخص تظاهروا في فرنسا السبت الماضي، مقابل 282 ألفا في 17 نوفمبر أول يوم للتحركات الاحتجاجية الاجتماعية، بحسب بيانات رسمية


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