Sun, 05 June 2022
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.