NO. 36


Financial and Banking News

Bank Results

GIC's Profits Fall Due to Gulf Crisis

Gulf Investment Corporation (GIC) saw its net income plunge to $1.8mn during1990 from $55.3mn in 1989. Operating income fell to $97.5mn from $140.4mn,while interest expense rose by $5mn to $69.2mn. After operating expenses of$18.2mn, the bank was left with net income of $10.6mn, which was eroded by anextra-ordinary charge of $8.3mn. The bank has made token allocations of $179,000to both...