VOL. XLIII

No. 28

10-July-2000

BANK RESULTS

GIC Records 24% Rise In Profits In 1999 And 45% Asset Growth

Gulf International Corporations (GIC) financial difficulties in 1998 at the time instrumental in bringing down the banks ratings have been eased by the recent merger between its subsidiary Gulf International Bank (GIB) and the UK-incorporated Saudi International Bank. Profits for the year 1999 were almost back up to the pre-1998 levels and, at $120.4mn, were 24% higher than the preceding...