December 20, 2014 5:32 AM ET

Capital Markets

Company Overview of Gulf International Bank B.S.C.

Company Overview

Gulf International Bank B.S.C., through 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 project and structured finance services for corporate and institutional customers in various sectors, including oil and gas, LNG, petrochemicals, power and water, infrastructure, and telecom and technology-based projects, as well as asset-based financing for aircraft, ships, and offshore vessels and rigs; and underwrites and arranges limited-recourse term financing with a range of debt finance products, such as syndicated debt finance, Islamic fi...

Al-Dowali Building

3 Palace Avenue

PO Box 1017

Manama,  

Bahrain

Founded in 1975

741 Employees

Phone:

973 17 534 000

Fax:

973 17 522 633

Key Executives for Gulf International Bank B.S.C.

Chief Executive Officer
Age: 61
Chief Financial Officer
Head of Operations
Chief Executive Officer of Gibuk and Managing Director of Gibuk
Chief Investment & Treasury Officer
Compensation as of Fiscal Year 2014.

Gulf International Bank B.S.C. Key Developments

Gulf International Bank Reports Consolidated Earnings Results for the Nine Months Ended September 30, 2014

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

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.

International Bank BSC Initiates its Trial Phase for Retail Banking Services to Saudi Customers Under the meem brandname

International Bank BSC has initiated its trial phase for retail banking services to Saudi customers under the meem brandname. The bank will provide services to the retail banking sector 'using a bold and innovative approach focused on technology and will provide a suite of non-traditional products that are considered a new addition to the Saudi banking sector which is set to propel the bank into a new era. In developing its retail services for specific customers GIB adopted the co-creation concept with a large target customer base using various social media channels over the last three years to contribute to the shaping of meem's identity as well as defining the bank's product offering throughout the establishment phase. This co-creation experience is considered the first in the banking sector globally.

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