BUSINESS REPORTER
MUSCAT, MAY 15
Gulf International Bank (GIB) reported a net profit of $12.8 million for the first quarter of 2022 attributable to the shareholders of the parent, compared to a net profit of $7.9 million in the prior year period, an increase of 62 per cent due to higher net interest income and net fee and commission income.
The consolidated GIB Group recorded a net profit of $21 million compared to a net profit of $14.1 million in the same period last year, an increase of 49 per cent.
GIB is a pan GCC universal bank established in 1975 and regulated by the Central Bank of Bahrain. GIB is owned by the governments of the Gulf Cooperation Council countries, with Saudi Arabia’s Public Investment Fund being the primary shareholder.
Total revenues of $109.0 million for the three months were $18.4 million or 20 per cent up on prior year with increases recorded in almost all revenue categories.
The year-on-year increase in the bank’s core revenue reflects the continued progress in implementing the bank’s strategic transformation plan.
Net interest income at $ 67.9 million was 21 per cent higher than prior year, due to balance sheet growth and the stabilisation of markets resulting in higher yields. Fee and commission income at $23.1 million was 35 per cent up on the previous year, reflecting the continued success of the bank’s strategic revenue diversification initiatives. Increases were recorded across asset management, corporate advisory, lending-related, global transaction-banking and retail fees.
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