In the fourth quarter of 2022, Gulf International Bank reported net income attributable to the Shareholders of the Bank of USD28.0 million, compared to a loss of USD1.0 million in the same period last year.
For the year ended 31st December 2022, GIB reported a net profit of USD78.7 million attributable to the Shareholders of the Bank, compared to USD 37.9 million being 108 percent up on last year. Growth across all business lines contributed to a 32 percent increase in revenues, and coupled with increased efficiencies and measured investment, the Group’s net income for the year amounted to USD96.1 million compared to USD52.7 million in 2021.
All revenue categories exceeded planned growth, with net interest income of USD110.1 million up 67 percent due to effective balance sheet management, increased spreads and the benefit of rising interest rates. Fee and commission income reflected growth of six percent, and foreign exchange income and other income showed similar growth trends as the Bank continues to diversify revenues by investing in and building on capital-lite business lines.
The financial statements for the year ended 31st December 2022 were audited by the external auditors, Ernst & Young (EY), and comply with International Financial Reporting Standards (IFRS).
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