VOL. XLII

No. 09

1-March-1999

BAHRAIN

GIB Takes $30Mn Provisioning Cost And Records 5% Drop In1998 Profit

The board of directors of Bahrain-based Gulf InternationalBank (GIB) on 24 February approved the banks 1998 financial statements, whichrecorded net income after the deduction of a $30mn provisioning cost of $82.1mn representing a return on year-end shareholders equity of 11.2%. In 1997, thebank recorded a net profit of $86.4mn, provisions on loans of $23mn andprovisions on investment...