Arab Banking Corp. profits up 15 percent
The Bahrain-based Arab Banking Corporation (ABC) announced a 15 percent rise in its net profit for the first three quarters of 2000, which rose to $98 million, from the $85 million reported at the end of the same period last year
According to a report released by the ABC group, loan loss provisions totaled $52 million, compared to $65 million in 1999, and expenses equaled $322 million, up from $312 million in 1999. ACC’s total assets stood at $25.15 billion that the end of the third quarter, compared to $24.35 billion by September 1999.
In its report, ABC reiterated its commitment to maintain a strong base. This is well evidenced by its risk-asset ratio of 14.1 percent at the end of September 2000. Its liquid assets to deposits ratio was 50 percent, and remained unchanged from December 1999. The loans to deposits ratio stood at 65 percent, up from 64 percent at the end of December 1999. – (Albawaba-MEBG)