ABC Q1 profits slide

13 May 2003
Bahrain-based Arab Banking Corporation (ABC)has posted first-quarter profits of $27 million, down on the $34 million generated in the same period last year. The group's operating profit rose 15 per cent over the period to $82 million, while total income increased by $18 million to $200 million. Net interest income fell 3 per cent to $116 million, mainly as a result of the continued low interest rate environment. However, non-interest income grew 33 per cent over the same period to $84 million. ABC's total assets increased 6 per cent to $28,400 million at the end of March.

'It is particularly gratifying that ABC's result for the first quarter has been above our expectations,' said Ghazi Abdul-Jawad, ABC's president and chief executive officer, in a 12 May statement. 'It is a measure of the underlying strength of our earnings stream that our operating profit improved despite continued weak economic fundamentals.'

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