JEDDAH – Bahrain-based Gulf International Bank (GIB) has registered a net profit of $117.9 million for 2012, up 13 percent over the previous year with year-on-year increases recorded in all income categories, the bank said in a statement Monday. GIB said its net income after tax in the fourth quarter was $20.9 million compared to $19.9 million the year before. Net interest income, which at $149.4 million represented the Bank's principal income source, was $5.6 million or 4 per cent up on 2011, the statement added. During 2012, loans and advances, the principal source of GIB's net interest earnings, increased by $358.5 million or 5 percent. The growth in the loan portfolio reflected the leveraging of the bank's expertise to serve its large and mid-cap customers. Fee-related income at $56.7 million was $8.2 million or 17 percent higher than the previous year. As a result, fee-based income comprised almost one quarter of total income, reflecting further positive progress in the implementation of GIB's strategic focus on non-asset based, relationship-orientated services.Trade finance-related commissions recorded a 27 percent year-on-year growth following a 42 percent year-on-year increase in the prior year. In addition, foreign exchange income at $21.3 million for the year was $11 million or more than double the prior year level. – SG
