Bahrain International Bank (BIB) announced $13.5 million in operating income for the first half of this year, up 88 percent over the same period of last year, reported the Gulf News.
The net income of $6.75 million was a significant turnaround on the modest contribution for the same period last year, the bank said.
Operating expenses were cut 5.4 percent through tighter cost controls.
Big contributions to operating income came from investment securities and UK real estate business lines. Regional equity trading also gave a boost to earnings as the major Gulf market benefited from a generally positive economic outlook.
"After last year's disappointing result, this is an encouraging performance," chief executive Robin McIlvenny told the paper.
"Our securities trading business had an excellent first half as the corporate bond market recovered somewhat from the severe lows of 2000." – Albawaba.com
© 2001 Al Bawaba (www.albawaba.com)
