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GULF INTERNATIONAL BANK POSTS 18 PCT RISE IN Q3 PROFITS.
MUSCAT, Nov 1 Asia Pulse - Gulf International Bank (GIB) reported consolidated net income after tax of US$193.3 million for the nine months ended September 30, 2006, representing a .9 million or 18 per cent increase over the prior year period. The year-on-year advance reflected increases in both interest and non-interest earnings, a decrease in expenses, and a lower level of provisions for credit losses, Oman Daily Observer reported today.
It added that net interest income at $149.1 million was $15 million or 11 per cent up on the prior year period. In particular, a strong advance was recorded in interest earnings generated by the bank's GCC lending activities as a result of significantly higher loan volumes. The increase in loan volumes has been driven by the ongoing development of the bank's project finance and specialised lending activities.
GIB is a leading merchant bank in the Middle East with its principal focus on the GCC states. The six GCC governments, Oman, Bahrain, Kuwait, Qatar, Saudi Arabia and the United Arab Emirates, own 72.5 per cent of the bank, while the Saudi Arabian Monetary Agency (SAMA) owns 27.5 per cent. GIB is the leading provider of project and structured finance services in the Middle East and North Africa region. Other income at $147.7 million was ...
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Source: HighBeam Research, GULF INTERNATIONAL BANK POSTS 18 PCT RISE IN Q3 PROFITS.