Gulf International Bank (GIB) reported a net profit attributable to shareholders of $48.0 million for the first quarter of 2025, marking a 1% increase from the same period last year. The growth was driven by strong revenue from foreign exchange and other income, along with stable net interest income. Operating expenses rose by 6%, attributed to investments in strategic initiatives aimed at future revenue growth.
The consolidated net profit of GIB Group reached $60.0 million during the first quarter, reflecting a 3% increase compared to the previous period. Basic and diluted earnings per share were reported at 2.40 cents, slightly up from 2.38 cents per share in the prior year. Total comprehensive income attributable to shareholders rose by 9% to $49.4 million.
Shareholders’ equity excluding minority interest increased to $2.52 billion, representing a 2% rise since December 2024. Reserves stood at $224.3 million and retained earnings at $300.6 million.
As of March 31, 2025, GIB’s consolidated balance sheet was valued at $46.9 billion, showing a year-on-year increase of 9%. This was largely due to a significant rise in customer deposits linked to cash management and payment services in the UK.
Customer deposits amounted to $32.5 billion, forming the majority of GIB’s funding base with liquidity coverage ratio at 127.4%, net stable funding ratio at 139.2%, and Basel III total capital adequacy ratio at 15.4%.
KPMG Fakhro reviewed the financial statements for this quarter which comply with International Accounting Standard (IAS) 34 – Interim Financial Reporting.
Gulf International Bank B.S.C., established in 1975 and regulated by the Central Bank of Bahrain, operates across GCC and international markets through its subsidiaries: GIB Saudi Arabia, GIB Capital, GIB (UK) Ltd., as well as branches in London, New York, Abu Dhabi, Muscat and a representative office in Dubai.
The bank is owned by Gulf Cooperation Council countries’ governments with Saudi Arabia’s Public Investment Fund being its primary shareholder.
