Business11 November 20152 min read

GIB reports nine-month profit of $64.7 million

By DT News Network. G ulf International Bank B.S.C. (GIB) reported consolidated net income after tax of $64.7 million for the nine months ended September 30, compared to $72.7m in the prior year period. Net income after tax in the third quarter was $17.4m. Total income at $223.8m was $23.1 m or 12 p

Editorial Team Legacy

Published 11 November 2015, 8:00 · Updated 21:45

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GIB reports nine-month profit of $64.7 million

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

Net income after tax in the third quarter was $17.4m.

Total income at $223.8m was $23.1 m 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.

Net interest income at $139.0 m for the nine months was $22.0m or 19 per cent up on the prior year period.

Total expenses at $138.3m for the same period were $15.8m or 13 per cent up on the prior year period.

Consolidated total assets at the third quarter end were $23.9 billion, 12 pc higher than the 2014 year end level.

Cash and other liquid assets, and short-term placements totalled $9.5 bn, representing an exceptionally high 40 pc of total assets.

Investment securities, which principally comprised highly rated and liquid debt securities issued by major financial institutions and regional government-related entities, amounted to $4.2 bn.

There was a further improvement in the Bank’s funding profile during the first nine months of 2015 with a $2.6bn increase in customer deposits.

Securities sold under agreements to repurchase rose by $0.8 bn during the first nine months of 2015 to $1.4 bn.

Photo Caption :

GIB CEO Dr Yahya Alyahya and GIB Chairman Jammaz Al Suhaimi

GIB reports nine-month profit of $64.7 million

Editorial Team Legacy

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