business bites 76 June 2022 www.bahrainthismonth.com Gulf International Bank B.S.C. (GIB) reported a net profit of USD12.8 million for the first quarter of 2022 attributable to the shareholders of the parent, compared to a net profit of USD7.9 million in the prior year period, an increase of 62 percent due to higher net interest income and net fee and commission income. The consolidated GIB Group recorded a net profit of USD21 million compared to a net profit of USD14.1 million in the same period last year, an increase of 49 percent. Total revenues of USD109.0 million for the three months were USD18.4 million or 20 percent 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 USD67.9 million was 21 percent higher than prior year, due to balance sheet growth and the stabilisation of markets resulting in higher yields. Fee and commission income at USD23.1 million was 35 percent up on the previous year. The financial statements for the first quarter of 2022 were reviewed by the external auditors Ernst & Young (EY) and comply with International Accounting Standard (IAS) 34 – Interim Financial Reporting. GIB is owned by the governments of the Gulf Cooperation Council countries, with Saudi Arabia’s Public Investment Fund being the primary shareholder. PHENOMENAL PROGRESS The American Chamber of Commerce in Bahrain (AmCham) was honoured to introduce Ambassador for the United States of America to the Kingdom of Bahrain, HE Steven Bondy, to its members and the wider business community at its recent bi-monthly Business Networking Luncheon. HE Ambassador Bondy provided critical updates on US-Bahrain bilateral economic priorities. “I want to emphasize that the U.S. Embassy is here to support AmChamBahrain. The strength of the U.S.-Bahrain bilateral relationship is built on free trade and shared prosperity, and AmCham plays a pivotal role in promoting new business and investment opportunities for American, Bahraini, and other international companies,” he said. “I view AmCham as a critical partner in our effort to support Bahrain’s postpandemic economic recovery. Sustained cooperation between the Embassy and AmCham’s members will deepen economic ties between Bahrain and the United States, to both countries’ benefit,” he added. AmCham expressed its keenness to work closely with the US Embassy to further develop the US-Bahrain business community. MAKING AN INTRODUCTION The American University of Bahrain (AUBH) has appointed Dr. Bradley J. Cook to be its next president, starting in the summer of 2022 and succeeding Dr. Susan E. Saxton. He joins AUBH with more than thirty years of distinguished international and regional experience in higher education across the US and the Middle East. Dr. Cook, who has earned bachelor’s and master’s degrees from Stanford University, is an accomplished leader that has contributed to exceptional student outcomes and institutional development in his previous senior-level positions at US accredited higher education institutions. Having spent considerable time in the Middle East in his early life, he eventually obtained a Doctorate of Philosophy in Middle East Studies from the University of Oxford. Dr. Cook previously served as the 17th president of Snow College in the U.S. and led it through record growth and other successes including the best ranking in the State of Utah by US News and World Report and 7th best public college in the West. In 2020, Snow College was ranked number one nationally in its class for student success. Dr. Cook has also previously served as president of the Abu Dhabi Women’s College and worked at the American University in Cairo (AUC). Additionally, he served as a Commissioner for the Northwest Commission on Colleges and Universities, a highly reputed U.S. institutional accrediting body. NEW BEGINNINGS
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