Profit up by 10 per cent in the third quarter
Arab Banking Corporation (ABC), majority owned by the Central Bank of Libya, has reported a 10 per cent rise in profits in the third quarter of 2011 compared with the same period last year.
The bank made a profit of $41m, compared to $37m in the same period of 2010.
Total operating income for the period fell, hitting $200m in the third quarter, compared with $207m last year.
For the year to date, the bank’s results look better. It made a profit of $157m in the first nine months, 40 per cent higher than the same period of 2010.
The bank used to be owned by the Abu Dhabi Investment Authority, the Kuwait Investment Authority, and the Central Bank of Libya. However, in late 2010, Libya acquired Adia’s shares in the bank giving it a 59 per cent stake. It was one of the region’s banks most severely affected by the global financial crisis and reported massive losses as a result of exposure to investments in structured products.
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