NO. 29


Financial and Banking News

Bank Results

GIC Profits Halved By Losses In Securities Trading

Gulf Investment Corporation (GIC) has announced a sharp fall in profitscaused by heavy losses in securities trading. Net income in the year to 31December 1994 fell by 52% to $62.2mn. Despite gains in interest and fee income,GIC made a loss of nearly $44mn on trading securities, as opposed to a profitof slightly over $100mn in 1993. Gains on investment securities were nearly...