VOL. XXXII
NO. 41
17-JULY-1989
Financial and Banking News
REGIONAL BANKING
GIC Reports 9.5% Fall in Net Income
The Kuwaiti-based Gulf Investment Corporation (GIC) reported a 9.4% drop in1988 net income to $38.4mn from $42.4mn in 1987, according to therecently-released GIC Annual Report. GIC, reported total assets of $1,717mn,representing an annualized growth rate of 32% over the five-year period sinceit began operations. Shareholders equity increased to $730mn at the end of1988 from $691mn in 1987,...
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