Business

GIB Announces First Half Results

by BTM

Tue, 05 September 2023

Gib Announces First Half Results

For the first half of 2023, Gulf International Bank achieved a remarkable 108 percent increase in net profit attributable to Shareholders of the Bank, reaching USD81.2 million compared to USD39.1 million in the prior year period. The Bank’s net income for the first half of 2023 reached USD96.5 million, compared to USD46.6 million for the same period last year, representing a 107 percent increase.

Net interest income at USD241.9 million was 67 percent higher than the prior year, attributed to an efficient balance sheet structure, enhanced lending margins, and the rising interest rate environment. Foreign exchange income of USD 19.7 million was higher than the prior year period, primarily due to positive traction in maximizing cross-sell activities. 

Consolidated total assets at the half-year end were USD44.3 billion, up 36 percent from the December 2022 level of USD 32.6 billion. Cash and other liquid assets, including short-term placements, reached USD 23.1 billion, representing a stable level of liquidity and accounting for 52 percent of total assets compared to 41 percent as of December 31, 2022.

#BAHRAIN BUSINESS BITES #BUSINESS BITES #BUSINESS NEWS BAHRAIN #BUSINESS IN BAHRAIN #BTM SEPTEMBER 2023 #GULF INTERNATIONAL BANK