Profits rise at ABC

16 February 1996
FINANCE

The Manama-based Arab Banking CorporaItion (ABC) has reported profits for 1995 of $116 million, 10 per cent higher than a year earlier, but still below the bank's record performance in 1993 of $135 million. The bank says pre-tax profits in 1995 were $149 million, compared with $136 million a year earlier.

Group assets rose 9 per cent in the year to about $21,300 million, although loans and advances increased only slightly to about $10,700 million, compared with $10,400 million in 1994. Total deposits, including certificates of deposit, rose 8 per cent to about $17,700 million.

ABC has subsidiaries in Spain, the UK, Hong Kong, Germany, Monaco, Jordan and Bahrain. In 1995, the bank also announced plans to launch a new subsidiary that would offer full Islamic banking services (MEED 15:12:95). Full results will be released after the annual general assembly later in the year.

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