Latest news with #GIBGroup
Zawya
14-05-2025
- Business
- Zawya
Gulf International Bank reports 2025 first quarter results
Amid a challenging market environment marked by heightened volatility and declining trading income due to trade tariffs, Gulf International Bank achieved net profit attributable to shareholders of $48.0 million for the first quarter of 2025. This reflects a 1% increase from $47.5 million in the same period last year. The growth was fuelled by strong revenue from foreign exchange and other income, along with stable net interest income. Additionally, the bank maintained operational efficiency with a controlled 6% rise in operating expenses, driven by targeted investments in strategic initiatives aimed at fostering future revenue growth and enhancing the Bank's competitive edge. The consolidated net profit of GIB Group reached $60.0 million during the first quarter compared to a net profit of $58.3 million in the preceding period, a healthy growth of 3% Basic and diluted earnings per share attributable to the shareholders of the Bank is 2.40 cents compared to 2.38 cents per share in the prior year. Total comprehensive income attributable to the shareholders of the parent of $49.4 million compared to $45.2 million in the prior year, up by 9%. Total shareholders' equity excluding minority interest increased to $2.52 billion compared to $2.48 billion in December 2024 representing an increase of 2%. Reserves of $224.3 million and retained earnings of $300.6 million represent 11% and 15% of capital, respectively. The consolidated balance sheet as of March 31, 2025, stood at $46.9 billion, reflecting a 9% year-on-year increase from $42.9 billion on December 31, 2024. This growth was driven by a 15% rise in customer deposits, significantly influenced by temporary client deposits linked to the Group's cash management and payment services in the UK. These deposits are invested in short-term placements with central banks and other banks, leading to a rise in cash and other liquid assets and placements reaching $20.2 billion, which accounts for 43% of total assets compared to 40% at the end of 2024. Investment securities totalled $8.1billion, primarily consisting of highly rated and liquid debt securities issued by major financial institutions and regional government-related entities. Loans and advances reached $15.7 billion, up 2% from the end of 2024, in line with the Bank's strategy to originate, underwrite, and distribute. The bank's funding profile remained strong with customer deposits of $32.5 billion comprising the majority of the Bank's funding base. The liquidity coverage ratio of 127.4%, net stable funding ratio of 139.2%, and Basel III total capital adequacy ratio of 15.4% all exceed the regulatory requirements. The financial statements for the first quarter of 2025 were reviewed by the external auditors KPMG Fakhro and comply with International Accounting Standard (IAS) 34 – Interim Financial Reporting. Gulf International Bank B.S.C. is a pan GCC universal bank established in 1975 and regulated by the Central Bank of Bahrain. GIB's services are delivered across the GCC and international markets through its subsidiaries: GIB Saudi Arabia, GIB Capital, GIB (UK) Ltd. Additionally, the bank has branches in London (UK), New York (USA), Abu Dhabi (UAE) and Muscat (Oman), in addition to a representative office in Dubai (UAE). GIB is owned by the governments of the Gulf Cooperation Council countries, with Saudi Arabia's Public Investment Fund being the primary shareholder.
Al Bawaba
14-05-2025
- Business
- Al Bawaba
Gulf international bank reports 2025 first quarter results
14 May 2025 GULF INTERNATIONAL BANK REPORTS 2025 FIRST QUARTER RESULTS Amid a challenging market environment marked by heightened volatility and declining trading income due to trade tariffs, Gulf International Bank achieved net profit attributable to shareholders of $48.0 million for the first quarter of 2025. This reflects a 1% increase from $47.5 million in the same period last year. The growth was fuelled by strong revenue from foreign exchange and other income, along with stable net interest income. Additionally, the bank maintained operational efficiency with a controlled 6% rise in operating expenses, driven by targeted investments in strategic initiatives aimed at fostering future revenue growth and enhancing the Bank's competitive edge. The consolidated net profit of GIB Group reached $60.0 million during the first quarter compared to a net profit of $58.3 million in the preceding period, a healthy growth of 3%Basic and diluted earnings per share attributable to the shareholders of the Bank is 2.40 cents compared to 2.38 cents per share in the prior year. Total comprehensive income attributable to the shareholders of the parent of $49.4 million compared to $45.2 million in the prior year, up by 9%. Total shareholders' equity excluding minority interest increased to $2.52 billion compared to $2.48 billion in December 2024 representing an increase of 2%. Reserves of $224.3 million and retained earnings of $300.6 million represent 11% and 15% of capital, respectively. The consolidated balance sheet as of March 31, 2025, stood at $46.9 billion, reflecting a 9% year-on-year increase from $42.9 billion on December 31, 2024. This growth was driven by a 15% rise in customer deposits, significantly influenced by temporary client deposits linked to the Group's cash management and payment services in the UK. These deposits are invested in short-term placements with central banks and other banks, leading to a rise in cash and other liquid assets and placements reaching $20.2 billion, which accounts for 43% of total assets compared to 40% at the end of 2024. Investment securities totalled $8.1billion, primarily consisting of highly rated and liquid debt securities issued by major financial institutions and regional government-related entities. Loans and advances reached $15.7 billion, up 2% from the end of 2024, in line with the Bank's strategy to originate, underwrite, and bank's funding profile remained strong with customer deposits of $32.5 billion comprising the majority of the Bank's funding base. The liquidity coverage ratio of 127.4%, net stable funding ratio of 139.2%, and Basel III total capital adequacy ratio of 15.4% all exceed the regulatory financial statements for the first quarter of 2025 were reviewed by the external auditors KPMG Fakhro and comply with International Accounting Standard (IAS) 34 – Interim Financial Reporting. Gulf International Bank B.S.C. is a pan GCC universal bank established in 1975 and regulated by the Central Bank of Bahrain. GIB's services are delivered across the GCC and international markets through its subsidiaries: GIB Saudi Arabia, GIB Capital, GIB (UK) Ltd. Additionally, the bank has branches in London (UK), New York (USA), Abu Dhabi (UAE) and Muscat (Oman), in addition to a representative office in Dubai (UAE). GIB is owned by the governments of the Gulf Cooperation Council countries, with Saudi Arabia's Public Investment Fund being the primary shareholder.
Daily Tribune
30-04-2025
- Business
- Daily Tribune
GIB Group, Stanhope Capital Group in strategic partnership
Gulf International Bank Group, a pan‑GCC universal banking group, and Stanhope Capital Group, one of the world's leading independent glob‑ al wealth management firms, announced that they have en‑ tered into an agreement to offer wealth advisory services to in‑ stitutional and qualified private clients in the GCC region. The agreement will offer cli‑ ents a comprehensive suite of services including advisory, out‑ sourced chief investment officer and discretionary wealth advi‑ sory, expanding the GIB Group's existing offering, which includes commercial banking, retail, treasury services, asset man‑ agement, investment banking and Sharia‑compliant banking services. The partnership will enable the GIB Group to extend its suite of value‑added services to clients to include asset and wealth management locally and on a global basis. For Stanhope Capital, whose core business is to offer wealth management and advisory sevices to its global client base, the agreement is an opportunity to further expand in the GCC, which has become one of the fastest growing regions for such services and to do so whilst capitalising on the GIB Group's established regional presence, local expertise and extensive network. The investment platform of‑ fered to clients in the region will cover all global asset classes, including equities, fixed income, hedge funds, private equity and real estate combined with a strong expertise in Sharia‑com‑ pliant products. Alternative investments offering access to top‑quartile buyout and ven‑ ture capital managers will form a core part of the offering. worldclass platform Commenting on the partnership, Sara Abdulhadi, Chief Executive Officer of GIB B.S.C., said, 'The increasing demand for sophisticated investment solutions requires a partner that understands both local and international markets. Through this collaboration, we are well‑positioned to provide our clients with a comprehensive, world‑class investment platform that aligns with their evolving financial goals'. Osamah Shaker, Chief Exec‑ utive of GIB Capital, said: 'By leveraging Stanhope Capital's global insights and expertise, combined with GIB Capital's strong footprint and track record in the region, we aim to offer enhanced value and support to our clients in achieving their financial goals. Daniel Pinto, Chairman & CEO Stanhope Capital Group, said: 'The demand for asset and wealth management services in the GCC is immense and our abil‑ ity to combine the GIB Group's access and expertise with our long‑standing experience ser‑ vicing the most demanding in‑ stitutional and private clients globally will create something unique in the region'.
Zawya
30-04-2025
- Business
- Zawya
Bahrain: GIB partners with Stanhope to offer wealth advisory services
Bahrain - Gulf International Bank Group (GIB Group), a pan-GCC universal banking group, and Stanhope Capital Group (Stanhope), one of the world's leading independent global wealth management firms, announced that they have entered into an agreement to offer wealth advisory services to institutional and qualified private clients in the GCC region. The partnership will enable GIB to offer clients a comprehensive suite of services including advisory, outsourced chief investment officer (OCIO) and discretionary wealth advisory, expanding the GIB Group's existing offering, which includes commercial banking, retail, treasury services, asset management, investment banking and Sharia-compliant banking services. The group will also extend its suite of value-added services to clients to include asset and wealth management locally and on a global basis. This model, which combines a regional bank partnering to provide international wealth advisory services, is new to the region and will have the enhancement of local skillsets as an additional focus. For Stanhope Capital, whose core business is to offer wealth management and advisory services to its global client base, the agreement is an opportunity to further expand in the GCC, which has become one of the fastest growing regions for such services and to do so whilst capitalising on the GIB Group's established regional presence, local expertise and extensive network. The investment platform offered to clients in the region will cover all global asset classes, including equities, fixed income, hedge funds, private equity and real estate combined with a strong expertise in Sharia-compliant products. Alternative investments offering access to top-quartile buyout and venture capital managers will form a core part of the offering. Commenting on the partnership, GIB chief executive Sara Abdulhadi said, 'This agreement is a significant step forward in the GIB Group's strategy to expand and diversify our offerings, with asset and wealth management as a key pillar of our growth. 'By leveraging our deep regional presence and trusted client relationships, alongside Stanhope Capital's global investment expertise and strong performance track record, we are creating a compelling wealth advisory proposition tailored for institutional and private clients in the GCC. 'The increasing demand for sophisticated investment solutions requires a partner that understands both local and international markets. Through this collaboration, we are well-positioned to provide our clients with a comprehensive, world-class investment platform that aligns with their evolving financial goals,' Ms Abdulhadi added. GIB Capital chief executive Osamah Shaker said, 'We are excited to join hands with Stanhope Capital. This collaboration aligns with our commitment to delivering superior investment advisory services and tailored solutions to our clients. 'By leveraging Stanhope Capital's global insights and expertise, combined with GIB Capital's strong footprint and track record in the region, we aim to offer enhanced value and support to our clients in achieving their financial goals.' Stanhope Capital Group chairman and chief executive Daniel Pinto said, 'We are delighted about entering into this important commercial agreement with the GIB Group, undoubtedly one of the most respected financial institutions in the region. 'The demand for asset and wealth management services in the GCC is immense and our ability to combine the GIB Group's access and expertise with our long-standing experience servicing the most demanding institutional and private clients globally will create something unique in the region.' Copyright 2022 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Biz Bahrain
30-04-2025
- Business
- Biz Bahrain
GIB Group and Stanhope Capital Group Announce Strategic Partnership to Offer Wealth Advisory Services in the GCC Region
Gulf International Bank Group ('GIB Group'), a pan-GCC universal banking group, and Stanhope Capital Group ('Stanhope'), one of the world's leading independent global wealth management firms, announced that they have entered into an agreement to offer wealth advisory services to institutional and qualified private clients in the GCC region. The agreement will offer clients a comprehensive suite of services including advisory, outsourced chief investment officer ('OCIO') and discretionary wealth advisory, expanding the GIB Group's existing offering, which includes commercial banking, retail, treasury services, asset management, investment banking and Sharia-compliant banking services. The partnership will enable the GIB Group to extend its suite of value-added services to clients to include asset and wealth management locally and on a global basis. This model, which combines a regional bank partnering to provide international wealth advisory services, is new to the region and will have the enhancement of local skillsets as an additional focus. For Stanhope Capital, whose core business is to offer wealth management and advisory services to its global client base, the agreement is an opportunity to further expand in the GCC, which has become one of the fastest growing regions for such services and to do so whilst capitalising on the GIB Group's established regional presence, local expertise and extensive network. The investment platform offered to clients in the region will cover all global asset classes, including equities, fixed income, hedge funds, private equity and real estate combined with a strong expertise in Sharia-compliant products. Alternative investments offering access to top-quartile buyout and venture capital managers will form a core part of the offering. Commenting on the partnership, Sara Abdulhadi, Chief Executive Officer of GIB B.S.C., said, 'This agreement is a significant step forward in the GIB Group's strategy to expand and diversify our offerings, with asset and wealth management as a key pillar of our growth. By leveraging our deep regional presence and trusted client relationships, alongside Stanhope Capital's global investment expertise and strong performance track record, we are creating a compelling wealth advisory proposition tailored for institutional and private clients in the GCC. The increasing demand for sophisticated investment solutions requires a partner that understands both local and international markets. Through this collaboration, we are well-positioned to provide our clients with a comprehensive, world-class investment platform that aligns with their evolving financial goals'. Osamah Shaker, Chief Executive of GIB Capital, said 'We are excited to join hands with Stanhope Capital. This collaboration aligns with our commitment to delivering superior investment advisory services and tailored solutions to our clients. By leveraging Stanhope Capital's global insights and expertise, combined with GIB Capital's strong footprint and track record in the region, we aim to offer enhanced value and support to our clients in achieving their financial goals. Daniel Pinto, Chairman & CEO Stanhope Capital Group, said 'We are delighted about entering into this important commercial agreement with the GIB Group, undoubtedly one of the most respected financial institutions in the region. The demand for asset and wealth management services in the GCC is immense and our ability to combine the GIB Group's access and expertise with our long-standing experience servicing the most demanding institutional and private clients globally will create something unique in the region'.
