VOL. XLVI

No 28

14-July-2003

REGIONAL BANKING

GIC Profits Rise 6% To $90Mn In 2002

The Gulf Investment Corporation (GIC) increased its profits by just under 6% in 2002 to $90.3mn compared to $85.3mn in 2001 (MEES, 22 April 2002). The rise in profits came on the back of a 22% increase in net interest income, which rose from $100.5mn in 2001 to $122.8mn in 2002. Interest income itself fell from $272.7mn in 2001 to $224.7mn in 2002, but GIC was able to hold down interest expense to increase its...