GIB reports nine-month profit of $64.7 million
Gulf International Bank B.S.C. (GIB) reported consolidated net income after tax of $64.7 million for the nine months ended September 30, compared to $72.7m in the prior year period.
Net income after tax in the third quarter was $17.4m.
Total income at $223.8m was $23.1 m or 12 per cent up on the prior year with year- on-year increases recorded in all income categories with the exception of other income.
Net interest income at $139.0 m for the nine months was $22.0m or 19 per cent up on the prior year period.
Total expenses at $138.3m for the same period were $15.8m or 13 per cent up on the prior year period.
Consolidated total assets at the third quarter end were $23.9 billion, 12 pc higher than the 2014 year end level.
Cash and other liquid assets, and short-term placements totalled $9.5 bn, representing an exceptionally high 40 pc of total assets.
Investment securities, which principally comprised highly rated and liquid debt securities issued by major financial institutions and regional government-related entities, amounted to $4.2 bn.
There was a further improvement in the Bank’s funding profile during the first nine months of 2015 with a $2.6bn increase in customer deposits.
Securities sold under agreements to repurchase rose by $0.8 bn during the first nine months of 2015 to $1.4 bn.
Photo Caption :
GIB CEO Dr Yahya Alyahya and GIB Chairman Jammaz Al Suhaimi
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