GIB reports Dh604.17 million earnings

DUBAI — Gulf International Bank B.S.C. (GIB) reported consolidated net income after tax of $164.4 million (Dh604.17 million) for the nine months ended September 30, 2005, representing a $57.5 million (Dh211.31 million) or 54 per cent increase over the prior year period.

By A Staff Reporter

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Published: Wed 19 Oct 2005, 10:42 AM

Last updated: Thu 2 Apr 2015, 5:36 PM

The exceptionally strong year-on-year advance reflected increases in all income categories and a reduction in provisions for credit losses.

Net interest income at $134.1 million (Dh492.82 million) was 4 per cent up on the prior year period. This was principally due to higher GCC loan volumes and margins, and a more favourable interest rate environment.

The Group also recorded strong trading revenues during the period. Profits were generated across all trading activities, including trading in emerging market debt, corporate debt, equities and fixed income.

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