Provisioning also increased slightly to $91 million due to continued sluggish global economic conditions, and low US interest rates caused a fall in interest income.

However, non-interest income increased by 35 per cent to $277 million, resulting in a healthy growth in total operating income. Assets fell by 2 per cent to $28,600 million. The result, marred by overseas exposure, validates ABC’s strategy of refocusing operations on the Arab world

In September, the bank announced a provisional agreement to divest its 55 per cent stake in Hong Kong-based International Bank of Asiaand the following month confirmed its intention to sell its 68.5 per cent stake in Atlantico (MEED 12:9:03). The IBA divestment has not yet been booked.