GIB profits rise 16pc

DUBAI — Gulf International Bank B.S.C. (GIB) has reported consolidated net income of $131.6 million for the six months ending June 30, representing a16 per cent increase over the previous year.

By A Staff Reporter

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Published: Tue 18 Jul 2006, 10:11 AM

Last updated: Sat 4 Apr 2015, 3:11 PM

The net interest income at $95.0 million was $6.0 million or 7 per cent up on the previous year period. Higher interest earnings were recorded by the bank's GCC lending activities as a result of significantly higher loan volumes.

GIB continues to be the pre-eminent regional provider of financial advisory services for structured financing, privatisations, IPOs, mergers and acquisitions.

The year-on-year increase in investment banking fees was partly attributable to a further growth in assets under management, which increased by $2 billion to $20 billion at the half year end. GIB is the largest commercial Arab-owned fund manager.

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