(MENAFN) Gulf International Bank (GIB) logged a USD85.6 million net income for 2014 compared to USD121.5 million in 2013, Gulf Daily News reported.
Due to a USD13.3 million year-on-year increase in operating expenses, net income was USD14.7 million lower in 2014 than in 2013.
Increased expenses are attributed to the investment in the most recent GCC universal banking strategy and for the new established retail bank implemented in Saudi last month.
In the fourth quarter of 2014, net income was USD12.9 million compared to USD20 million year-on-year. Total income at USD257.6 million was USD20.7 million, which is 7 percent lower than 2013.
Net interest income, which at USD158 million was the bank's largest income source, was USD5.1 million or 3 percent down when compared to 2013.
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