Gulf International Bank has posted a net income after tax of $90.4 million for 2015, compared to $85.6 million in the prior year, representing a 5.6 per cent year-on-year increase.

Total income at $308 million was $50.4 million or 19.6 per cent up on 2014, with increases recorded in all income categories.

The growth in total income more than offset an increase in total expenses of $27.2 million largely associated with GIB’s innovative retail bank and new core banking and treasury IT systems implemented during 2015, resulting in an improvement in net income before provisions and tax of $23.2 million or 25.0 per cent. Net income after tax in the fourth quarter was $25.7 million compared to $12.9 million in the fourth quarter of 2014.

Net interest income at $188.2 million for 2015 was $30.2 million or 19.1 per cent up on the previous year. Foreign exchange income at $19.8 million was $0.4 million or 2.1 per cent up on 2014.

Total expenses at $192.1 million for the year were $27.2 million or 16.5 per cent up on 2014, while consolidated total assets at the end of 2015 stood at $24.2 billion, being $2.9 billion or 13.6 per cent higher than at the end of the previous year.

There was a further improvement in the Bank’s funding profile during 2015, with a $1.8 billion or 13.8 per cent increase in customer deposits, which accounted for 88.1 per cent of total deposits. Securities sold under agreements to repurchase (repos) increased by $1.5 billion to $2.1 billion.

GIB’s Chairman Jammaz bin Abdullah Al-Suhaimi, said: “I am pleased to report that we made excellent progress during the year in implementing our business strategy to transform GIB into a leading pan-GCC universal bank providing innovative customer-centric solutions.”

“Key strategic highlights of 2015 included the official launch of GIB’s unique technology-based retail bank in Saudi Arabia under the brand name Meem by GIB (meemم), which marked the beginning of a new chapter in the Bank’s strategic evolution.

“In addition, a new wholesale banking branch in Abu Dhabi was inaugurated, strengthening GIB’s ambition to be the leading pan-GCC bank with strong regional expertise. GIB has had a representative office in Abu Dhabi since 1990, and the Emirate has played a pivotal role in the Bank’s growth and evolution. Our operations in the UAE are further enhanced by the Dubai representative office, which was opened in 2014,” Al-Suhaimi added.

Abdulaziz A Al-Helaissi, GIB’s chief executive officer said: “Our strong business achievements during 2015 continued to support the implementation of the Bank’s strategy.”

“The development of new wholesale banking and treasury relationships has enabled GIB to grow its loan portfolio; increase non asset-based, client-related revenues; boost fee and commission income through better cross-selling; and enhance its funding profile by attracting deposits from new customers.

“Additionally, the Bank’s Sharia-compliant banking business witnessed another active year. GIB Capital led a number of high-profile investment banking deals in 2015, with a particular focus on debt capital markets and debt advisory mandates. The Bank’s asset management business, which is managed by GIB (UK) Limited, also performed well, with the fixed income business being the driver of improved revenue performance,” he added. – TradeArabia News Service