BBME half-year profits up 3 per cent

16 August 1996

The British Bank of the Middle East (BBME) has announced a 3 per cent increase in 1996 half-year profits to $49.3 million compared with the same period the previous year.

Operating profit before provisions was up 15 per cent at $72.5 million. Pre-tax profits were up 8 per cent at $66 3 million. Assets at 30 June 1996 stood at $5,242 million.

A BBME statement said that continued emphasis on technical and infrastructure improvement has caused a rise in operating expenses, although such developments are expected to contribute to future growth. The statement also said that a satisfactory improvement in profitability had been achieved in the UAE, Bahrain, Oman and Lebanon, and the Middle East Finance Company.

A MEED Subscription...

Subscribe or upgrade your current 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.

Get Notifications