gib posts net income of 97 mln for 9 months
Last Updated : GMT 21:30:53
Arab Today, arab today
Arab Today, arab today

GIB posts net income of $97 mln for 9 months

Arab Today, arab today

Arab Today, arab today GIB posts net income of $97 mln for 9 months

Manama - Arabstoday

Gulf International Bank (GIB) has reported consolidated net income after tax of $97.0 million for the nine months ended Sept.30, 2012, being $12.4 million or 15 per cent up on the comparable prior year period. Net income after tax in the third quarter was $39.0 million compared to $22.2 million in the third quarter of 2011. Year-on-year increases were recorded in all income categories with the exception of a small decrease in other income. Net interest income at $108.8 million for the nine months was 3 per cent up on the prior year period. During the third quarter, loans and advances, the principal source of the Bank’s net interest earnings, increased by $411 million or 6 per cent. The growth in the loan portfolio reflected the leveraging of GIB’s expertise to serve the bank’s large and mid-cap customers. Fee and commission income at $40.7 million was $3.7 million or 10 per cent higher than in the prior year period. As a result, fee-based income comprised more than one fifth of total income, reflecting the successful implementation of GIB’s new strategic focus on non-asset based, relationship-orientated services and on supporting customers’ commercial and trade finance requirements. In particular, a 27 per cent year-on-year increase was recorded in commissions on letters of credit and guarantee. Foreign exchange income at $20.0 million was $11.6 million up on, or almost two and a half times, the prior year level. Foreign exchange income principally comprised profits generated on customer-initiated foreign exchange contracts. The substantial year-on-year increase reflected a focus on the cross selling of treasury products to clients and the introduction of new products and services to meet client needs. Trading income at $11.4 million for the nine months was $5.2 million or 84 per cent up on the prior year period. This was attributable to profits on investments in emerging market debt. Other income of $12.5 million was marginally below the prior year. Other income principally comprised dividends on equity investments, profits realised on the sale of investment securities, and recoveries of impaired loans. From Gulf Today

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