ABC’s net profit reaches $69 million for first 3Qs 2003
Arab Banking Corporation (ABC)’s net profit increased to $69 million in the first three quarters of 2003, compared with a net profit of $55 million for the same period last year.
The company’s total operating income increased by 12 percent to $605 million from January to September. Net interest income was marginally lower at $328 million because of the continued low US dollar interest rates affecting mainly the earnings from equity funds.
Non-interest income surged 35 percent to $277 million, boosted by improved performance from capital markets, retail banking and treasury activities, also benefiting from the strengthening of the euro against the dollar.
Operating expenses increased to $380 million, largely due to the translation impact arising from the sharp rise in the euro-dollar exchange rate, which has inflated Banco Atlantico's expenses in dollar terms. However, overhead expense ratio improved slightly to 63 percent, reflecting the strong earning capacity of the group's product platforms. — (menareport.com)
© 2003 Mena Report (www.menareport.com)