ABBK quadruples net income in first 9 months of 2000
Arab African International Bank (ABBK.CA) quadrupled its net income to US$16.8 million compared to US$4.8 million in its nine-month FY2000 results ending September 2000.
This growth was achieved through slashing provisions by US $13 million to US$1.1 million. However, net interest income dropped 15.6 percent to US$17.4 million compared to US$20.6 million. Customer deposits edged up 2.4 percent to US$515.4 million versus US$503.6 million at the end of FY99, while loans increased 5.9 percent to US$354.5 million compared to US$334.9 million. Loans-to-deposits increased to 68.8 percent compared to 66.5 percent at the end of FY99.
Prime Securities S.A.E.