BAHRAIN-based Gulf International Bank (GIB) said its consolidated net profit for the nine months ended Sept. 30 soared to $97 million, registering a 15 percent (or $12.4 million) growth over the same period last year, the bank said in a statement Sunday. GIB said its net income after tax in the third quarter was $39 million compared to $22.2 million last year. The year-on-year increases were recorded in all income categories with the exception of a small decrease in other income. Net interest income reached $108.8 million for the nine months, up 3 percent over the prior year period. During the third quarter, loans and advances, the principal source of the bank's net interest earnings, increased by $411 million or 6 percent. The growth in the loan portfolio reflected the leveraging of GIB's expertise to serve the bank's large and mid-cap customers. The fee and commission income stood at $40.7 million posting a 10 per cent growth over last year. Commenting on the performance, Chairman Jammaz Al-Suhaimi said: “We are pleased to report continued ongoing profitability in the first nine months despite the impact of the initiatives we took in the past couple of years to derisk the wholesale lending portfolio and improve the funding profile of the bank, while at the same time investing in its future through new strategic initiatives.” — SG
