Bahrain: GIB posts record 108% growth in 2022 attributable net profit

Bahrain: GIB posts record 108% growth in 2022 attributable net profit

Gulf International Bank (GIB) has posted a full year 2022 net profit of $78.7 million attributable to the shareholders of the bank, a record 108% growth compared to $37.9 million in 2021.

GIB’s financial performance demonstrated the bank’s progress in successfully implementing initiatives and measures to increase shareholder returns.

In the fourth quarter of 2022, the bank reported net income attributable to the shareholders of $28 million, compared to a loss of $1.0 million in the same period in 2021.

Growth across all business lines

Growth across all business lines contributed to a 32% increase in revenues, and coupled with increased efficiencies and measured investment, the group’s net income for the year amounted to $96.1 million compared to $52.7 million in 2021. Fee and commission income of $101.4 million was 40% up on the previous year, reflective of benefit realisation of investments in financial markets activities, risk distribution, retail and global transaction banking.

Also, as a result of successful diversification initiatives, the group reported an 84% increase in foreign exchange income and a 71% increase in recoveries on written-off loans, the latter being the result of the successful establishment of a ‘Special Assets Unit’.

The quality of earnings improved despite a market-driven trading loss of $6.8