VOL. XLIII

No. 15

10-April-2000

BAHRAIN

GIB Acquires SIB And Posts 1999 Profits Of $67.6Mn

Bahrain-based Gulf International Bank (GIB) posted profits of $67.6mn at the end of 1999 a 17.7% decline over the previous year (see table below) but one which is largely the result of extraordinary one-time merger costs. GIB announced a consolidated operating profit, before exceptional charges, of $93.8mn, representing a $12.2mn or 15% increase over the comparable 1998 result for GIB alone.

Last July, GIB...