Gulf International Bank is a leading regional bank based in Bahrain and Saudi Arabia. I interviewed key stakeholders and wrote all main sections of their 2024 annual report.
[Copy extract]
GIB B.S.C. continued to show a strong trajectory in both financial results and key performance metrics. This reflected solid progress in delivering the Group’s strategic priorities – revenue growth and diversification, driving efficiencies, optimising funding profile and increasing return on assets.
2024 was yet another year of solid performance, despite a highly competitive market. GIB B.S.C plays a key role in delivering the GIB Group’s corporate strategy, and in 2024 contributed over half of the Group’s net income. An impressive return on equity, landmark deals and multiple awards were a reflection of our client-centric approach, comprehensive suite of innovative product offerings and commitment to service excellence.
HIGHLIGHTS OF THE YEAR
Wholesale banking revenues grow
In 2024, Wholesale Banking Group achieved notable success, growing revenues and winning prestigious awards. The business continued to grow its borrowing and non-borrowing client base across the region.
Understanding our clients’ needs was a key driver of success in converting facilities for existing and new relationships. It was also instrumental to growing our loan portfolio during the year, adding quality credits that generate positive returns.
In 2024, over US$ 1 billion of assets were sold down under the originate-to-distribute model in addition to pre-launch distribution of underwriting commitments.
In 2025, the focus will continue to be on expanding existing facilities, booking new deals, onboarding new relationships and increasing business under the originate-to-distribute model to ensure value-accretive growth.
Global Transaction Banking expands
As one of the Group’s key transformation programmes, Global Transaction Banking continued to grow in 2024. By expanding our offerings, including local clearing and increased currency corridors, we were able to grow non-funded income from cash management, trade, FX and transaction fees.
We digitised collection services for fast-moving consumer goods and e-commerce clients by launching an embedded point-of-sale application.
With growing demand for API-based solutions, our award-winning API banking platform streamlines and automates corporate business processes. it currently offers over 70 APIs, and we expect to exceed 100 by the end of 2025.
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