Qa'dah 24, 1431, Nov 01, 2010, SPA -- Gulf International Bank B.S.C. (GIB) reported consolidated net income after tax of $86.1 Million for the nine months ended 30th September 2010 compared to a loss of $20.2 Million in the comparable prior period. Net income after tax in the third quarter was $29.8 Million representing a significant improvement over the net income of $2.3 Million recorded in the third quarter of 2009. GIB is a leading merchant bank in the Middle East with its principal focus on the Cooperation Council for the Arab States of the Gulf (GCC). The bank is owned by the governments of the six GCC countries, with the Public Investment Fund of Saudi Arabia holding a majority stake (97.2 per cent). In addition to its main subsidiary Gulf International Bank (UK) Ltd., the Bank has branches in London, New York, Riyadh and Jeddah, in addition to representative offices in Beirut and Abu Dhabi.
