Financial and Banking News
BUDGETS AND REVENUES
GIB Takes Provisions and Slashes Profits by 38%
The Bahrain-based Gulf International Bank (GIB) last week took the lead among Arab banks in announcing a formal reaction to the recent trend among international banks to take provisions against their exposure to Third World countries. GIB announced a 38% drop in its half-year income to $22.27mn and a $22mn increase in its reserves. GIB's reaction came in a...