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Gulf International's Q1 net income drops to $26.5m
- Bahrain: Thursday, May 02 - 2013 at 06:25
Bahrain-headquartered Gulf International Bank (GIB) has said its consolidated net income after tax for the first three months this year fell to $26.5m from $31.8 million in the prior year period, Saudi Gazette has reported. Total income rose 4% year-on-year to $64.1m, while net interest income climbed 11% over the same period last year to $35.3m. Total expenses rose 12% year-on-year to $33.8m due to ongoing investment in the implementation of GIB's new GCC-focused universal banking strategy, the bank said.
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