The Arab African International Bank (ABBK) recorded an 86 percent net profit increase in the first quarter of 2002, reaching $3.15 million compared to $1.69 million in during the same period last year, reported Al-Akhbar.
The bank posted a 26 percent decrease in interest revenues reaching $12.4 million and a 27 percent drop in interest expenses amounting to $8.34 million. These figures translated in a 23 percent fall in net interest income, which totaled $4.1 million in the first quarter of the year.
Profits were enhanced by a 73 percent decrease in provisions to 650,000 million, and a 27 percent drop in general and administrative expenses reaching $3.82 million. Foreign exchange gains dropped 77 percent to $27,000 million, while income from fees and commissions slipped by three percent to $2.6 million.
ABBK posted a 58.6 percent net income drop for the first nine-month period of the financial year 2001, reaching $6.9 million compared to $16.8 million in the same period last year. — (menareport.com)
© 2002 Mena Report (www.menareport.com )