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).