Arab Today, arab today gib reports 23 rise in q1 profit
Last Updated : GMT 20:34:00
Arab Today, arab today
Arab Today, arab today

GIB reports 23% rise in Q1 profit

Arab Today, arab today

Arab Today, arab today GIB reports 23% rise in Q1 profit

Manama - Arabstoday

Gulf International Bank (GIB) has reported consolidated net income after tax of $31.8 million for the three months ending March 31, 2012, being $6.0 million or 23 per cent up on the comparable prior year period. Year-on-year increases were recorded in all income categories. Net interest income at $31.9 million for the three months was $0.6 million up on the prior year period. A reduction in the loan volume during the first quarter of the year was offset by an increase in loan margins as the bank re-orientates its lending activity from transactional-based long-term project and structured finance to relationship-based large and mid-cap corporates. As recognised by the international rating agencies, the managed reduction in the leverage of the loan portfolio to a more prudent multiple of equity has strengthened the bank’s risk positioning. In March, Fitch Ratings upgraded GIB’s Viability Rating to ‘BBB-’ from ‘BB+’ to reflect “the significant improvement to the bank’s risk profile from restructuring, de-risking and de-leveraging initiatives”. Fee and commission income at $15.4 million was $0.8 million or 5 per cent higher than in the prior year period. As a result, fee-based income comprised almost one quarter 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 significant year-on-year increase was recorded in commissions on letters of credit and guarantee. Trading income at $8.1 million for the quarter was $4.1 million up on, or more than double, the prior year period. This was attributable to a year-on-year increase in customer-related foreign exchange revenue as well as profits on investments in emerging market debt. Other income of $6.4 million was $2.9 million up on the prior year. Other income principally comprised dividends on equity investments, profits realised on the sale of investment securities, and recoveries of impaired loans. Total expenses at $30.1 million for the three months were 11 per cent up on the prior year period. The year-on-year increase in expenses reflected ongoing investment in the implementation of GIB’s new GCC-focused universal banking strategy. A net provision release of $0.5 million was recorded in the first quarter. The absence of any provisioning requirement reflected prudent and conservative provisioning actions taken in prior years. Jammaz Al-Suhaimi, GIB’s Chairman, Said: “We are pleased to report continued profitability growth in the first quarter of 2012 despite the initiatives we took in the past couple of years to derisk the wholesale lending portfolio and improve the funding profile of the Bank.”

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today gib reports 23 rise in q1 profit Arab Today, arab today gib reports 23 rise in q1 profit

 



Arab Today, arab today
Arab Today, arab today Prepares to present her new collection

GMT 14:29 2017 Monday ,20 February

Prepares to present her new collection
Arab Today, arab today Tourism shows signs of recovery

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today Optimism on the front line

GMT 07:24 2017 Monday ,20 February

Optimism on the front line
Arab Today, arab today Murder of 2 reporters in Dominican Republic

GMT 22:45 2017 Thursday ,16 February

Murder of 2 reporters in Dominican Republic
View News in Arabic - Business: مصارف
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Kidogo provides childcare for underserved

GMT 20:24 2017 Wednesday ,15 February

Kidogo provides childcare for underserved
Arab Today, arab today Tragic fluctuations of Bakhtiari's life revealed

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed
Arab Today, arab today London to tax old cars

GMT 14:06 2017 Friday ,17 February

London to tax old cars
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Egypt to hold first session of Arab film festival

GMT 21:11 2017 Saturday ,18 February

Egypt to hold first session of Arab film festival
Arab Today, arab today Teach monkeys to recognize themselves in mirror

GMT 20:41 2017 Wednesday ,15 February

Teach monkeys to recognize themselves in mirror

GMT 07:30 2017 Saturday ,18 February

Actress Nadeen Al Rassi views art as her entity

GMT 06:40 2017 Friday ,10 February

MP calls for removing text from Islamic story

GMT 19:10 2017 Friday ,17 February

Hats, scarves add beauty to women

GMT 10:26 2017 Tuesday ,14 February

Emergency UN meeting in Harare

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 21:49 2017 Thursday ,16 February

Scientists develop new therapy

GMT 19:16 2017 Friday ,17 February

Aziz House ready to host the tourists

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:39 2017 Monday ,20 February

newest smartphone another winner for Huawei

GMT 13:16 2017 Tuesday ,14 February

First fashion model with Down syndrome
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday