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RIYADH: Bahrain-based Gulf International Bank posted a 62 percent increase in profit for the first quarter of 2022, owing to a higher interest income of $67.9 million.
Owned by Saudi Arabia’s Public Investment Fund, the bank saw its profits reach $12.8 million, against $7.9 million in the same period a year earlier, according to a statement.
The increase in interest income came on the back of balance sheet growth in addition to the stabilization of markets that led to higher yields.
Fee and commission income also rose by 35 percent on the year to $23.1 million, which the bank attributed to continued diversification in revenue sources.