ABC on track in third quarter

02 November 2001

Bahrain-based Arab Banking Corporation (ABC)has posted third-quarter profits of $103 million, a 5 per cent improvement on the same period last year. Headline figures issued by the bank on 30 October show a 10 per cent rise in net interest income to $353 million in the first nine months of the year and operating profit up 12 per cent at $233 million.

The global slowdown and the impact of the 11 September attacks on the US prompted the bank to increase its loan loss provisions by 13 per cent to $61 million, beyond original expectations. In a statement, president and chief executive Ghazi Abdul Jawad said ABC still managed to meet most of its targets, and remains on track to meet its full-year goals.

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