ABC net profit for 2000 up 13 percent
Arab Banking Corporation (ABC) posted a 13 percent surge in net profit in 2000 compared to 1999 on the back of more rigorous risk management and improved asset quality, the bank announced Sunday, March 4. The Bahrain-based investment group, the largest Arab bank in terms of assets, recorded net profits of $127 million in 2000, up from $112 million the year before.
"We have developed a stronger and broader platform for earnings growth, opened new opportunities in Arab world domestic markets and enhanced our product platforms, which we will further strengthen in 2001," ABC president and chief executive Ghazi Abdul Jawad said.
"We are achieving a greater diversification in our earnings stream, maintaining a strong liquidity profile, operating from a stronger risk management platform," Jawad said. Total assets rose 10 percent to $26.7 billion compared to the previous year's figure of $24.4 billion, the bank said.
The bank's major shareholders are the Libyan central bank, the Abu Dhabi Investment Authority and the Kuwaiti finance ministry, which together own 70 percent of the bank. Another 25 percent of the stock is traded on the Bahrain, Kuwait and Paris stock exchanges. The remaining five percent is held by individual and institutional investors. —(AFP)
© Agence France Presse 2000
© 2001 Mena Report (www.menareport.com)