Gulf International Bank has reported a net income attributable to the shareholders of the bank of $28 million in the fourth quarter of 2022, compared to a loss of $1 million in the same period last year. All revenue categories exceeded planned growth, with net interest income of $110.1 million up 67% due to effective balance sheet management, increased spreads, and the benefit of rising interest rates.
For the year ended December 31, 2022, GIB reported a net profit of $78.7 million attributable to the Shareholders of the Bank, compared to $37.9 million being 108% up on last year. The bank’s continued investment in technology, business, and human capital led to the planned increase in total expenses to $346.5 million compared to $296.7 million last year. The provision charge for the year of $71.6 million reflects the Bank’s proactive and prudent management of risk.
GIB BSC’s CEO Jamal Alkishi said, “2022 was a landmark year for GIB. After several years of diligently pursuing our strategy and investing in the Bank’s future, 2022 was, I believe, the year when this hard work and focus began to come to fruition and marked the beginning of the next chapter of GIB’s story.”