ABC profit up in first quarter

13 June 1997

Arab Banking Corporation (ABC) has reported a $3 million increase in net profit for the first quarter of this year to $32 million. Assets grew by 3 per cent during the same period to $21,767 million. The regional commercial bank's net interest income grew strongly in the first quarter, increasing by 27 per cent to $123 million, while other sources of income were little changed and operating expenses fell slightly. However, ABC added to its loan-loss provisions, increasing the total to $29 million from $6 million.

ABC's loan portfolio stood at just over $11,000 million at the end of March, about 4 per cent larger than at the same time the previous year. The bank reduced its interbank placements by a small amount and increased its holdings of marketable securities.

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