Company Overview of Gulf International Bank B.S.C.
Gulf International Bank B.S.C., together with its subsidiaries, provides wholesale commercial, asset management, and investment banking services worldwide. The company operates through Wholesale Banking, Treasury, and Financial Markets segments. It offers wholesale commercial financing, project and structured financing, Shariah compliant banking, investment banking, syndications and agency, GCC-bond market origination, and GCC-market asset trading, as well as international banking services. The company also provides asset management products, including equity indexed and fixed income portfolios, structured products, and fund products. In addition, it offers treasury products comprising inter...
3 Palace Avenue
PO Box 1017
Founded in 1975
Key Executives for Gulf International Bank B.S.C.
Chief Financial Officer, Managing Director, Chairman of Assets & Liabilities Committee, Member of Group Risk Committee, Member of Enjaz 2015 Steering Committee and Member of Operational Risk Committee
Chief Executive Officer of Gibuk and Managing Director of Gibuk
Chief Investment & Treasury Officer, Executive Vice President, Member of Assets & Liabilities Committee, Member of Provisioning Committee, Member of Steering Committee and Member of Enjaz 2015 Steering Committee
Compensation as of Fiscal Year 2014.
Gulf International Bank B.S.C. Key Developments
Gulf International Bank Announces Earnings Results for Fourth Quarter and Full Year 2014
Feb 19 15
Gulf International Bank announced earnings results for fourth quarter and full year 2014. For the quarter, net income was USD 12.9 million compared to USD 20 million year-on-year. Total income at USD 257.6 million was USD 20.7 million, which is 7% lower than 2013. Net interest income was USD 5.1 million or 3% down when compared to 2013.
For the year, the company logged a USD 85.6 million net income compared to USD 121.5 million in 2013. Due to a USD 1 3.3 million year-on-year increase in operating expenses, net income was USD 14.7 million lower in 2014 than in 2013.
Gulf International Bank Reports Consolidated Earnings Results for the Nine Months Ended September 30, 2014
Oct 22 14
Gulf International Bank reported consolidated earnings results for the nine months ended September 30, 2014. For the period, the company reported net income after tax of $72.7 million compared with $101.5 million in the prior year period. Excluding these exceptional income items, net income was $7.9 million lower than the prior year period due to a $16.1 million year-on-year increase in operating expenses. Net income after tax in the third quarter was $22.5 million, 7% up on the second quarter. Total income at $200.7 million was $10.5 million or 5% lower than the prior year. Excluding the exceptional income referred to above, total income was $10.4 million up on the prior year with a notable 10% year-on-year increase in the strategically important fee and commission income, reflecting success in the cross-sell of non-asset based products and services to the bank's customers. Net interest income at $117 million for the nine months was $2.7 million down on the prior year period. The year-on-year decrease was principally attributable to higher costs associated with balance sheet management initiatives that form part of an on-going programme to minimise the mismatch between the maturities of assets and liabilities.
Gulf International Bank B.S.C. (GIB) Reports Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2014
Jul 28 14
Gulf International Bank B.S.C. (GIB) reported consolidated earnings results for the second quarter and six months ended June 30, 2014. For the period, the company reported net income after tax of $50.2 million compared to $60.6 million in the prior year period. Total income was $134.4 million was $4.8 million or 4% up on the prior year with year-on-year increases recorded in all income categories with the exception of foreign exchange income and trading income. Net interest income at $76.6 million for the six months was $0.4 million up on the prior year period. The year-on-year increase in net interest income principally reflected further increases in both loan volumes and loan margins as the Bank successfully reorientates its lending activities from transactional-based long term project and structured finance to relationship-based large and mid-cap corporates. The resultant increase in net interest income was partially offset by lower interest received from impaired loans, which were exceptionally high in 2013, and higher costs associated with balance sheet management initiatives. Trading income at $2.4 million compared to a $7.7 million profit in the prior year period. However, the prior year profit included an exceptional $5.9 million fair value gain on a fund investment arising on the fund's recovery of a previously written off investment.
For the second quarter, net income after tax was $21.1 million.
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