Net profits at Arab Banking Corporation (ABC)fell by 31 per cent in the first half of 2002 to $51 million from $74 million in January-June 2001, mainly as a result of difficult global market conditions. However, the bank emphasises that its underlying operations remain robust, and it has managed to register a 12 per cent year-on-year increase in total assets to $28,898 million.
ABC says its 2002 performance was affected in particular by the Latin American financial crisis and the plunge in global equity markets. 'It is unfortunate that turbulent market conditions have affected the half-year result, although our income generating capabilities have actually improved year-on-year,' says ABC president and chief executive Ghazi Abdul-Jawad.
Net interest income rose by 1 per cent to $235 million from $233 million in the first half of 2001, but non-interest income slumped to $124 million from $154 million, reflecting the Latin American losses. Provisions went up by 35 per cent to $46 million.
You might also like...
Rainmaking in the world economy
19 April 2024
Oman receives Madha industrial city tender prices
19 April 2024
Neom seeks to raise funds in $1.3bn sukuk sale
19 April 2024
Saudi firm advances Neutral Zone real estate plans
19 April 2024
A MEED Subscription...
Subscribe or upgrade your current MEED.com 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.