The bank made a profit of $148m before the provisions, which also included $50m to take account of the impact of the deteriorating credit markets.
Overall, in the year to the end of September, the bank made a loss of $852m. It made $740m of provisions in the first half of the year due to exposures to structured investment vehicles and collateralised debt obligations.
“This is a year of clean-up for ABC," says chief executive officer Hassan Ali Juma. "By the end of the third quarter we will finish making all the provisions that need to be made.”
The bank also officially announced its expansion into retail banking, as revealed in MEED on 31 October.
You might also like...
Iraq signs deal to develop the Akkas gas field
25 April 2024
Emaar appoints beachfront project contractor
25 April 2024
Acwa Power signs $356m Barka extension
25 April 2024
AD Ports secures Angola port concession agreement
25 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.