ABC profits for first-half 1994 remain buoyant

12 August 1994

First-half results released on 31 July confirm the return of Arab Banking Corporation (ABC) group to sustained profitability after the problems of 1989-91. ABC reported an unaudited pre-tax profit of $79 million in January-June 1994, up from $74 million for the same period in 1993. However, operating profit was down to $121 million from $133 million in January- June 1993.

Assets remained stable, falling to $19,000 million as of 30 June, down from $19,800 million one year before. ABC's full-year results for 1993 reported assets of $18,433 million (MEED 4:3:94).

Total deposits stood at $15,000 million, down from $15,400 million in June 1993, but an increase on the $14,300 million that were reported at end-1993.

The results include the Manama-based parent company and its operating subsidiaries, including the Madrid-based Banco Atlantico and the UK-based ABC International.

ABC has still to appoint a president, to replace Abdulla A Saudi, who stepped down on 1 May (MEED 15:4:94).

A MEED Subscription...

Subscribe or upgrade your current package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.

Get Notifications