Arab Banking Corporation, the parent company of the Arab banking group headquartered in Bahrain, announced that at its Annual General Meeting (AGM), held on April 1, 2004 in Bahrain, ABC's shareholders approved the bank's financial statements for the year ended December 31, 2003, which showed a net profit of $120 million, compared with the net loss of $41 million for the previous year.
The shareholders also approved the dividend of seven percent that had been recommended by the Board of Directors, reported a press release.
At the Board meeting immediately following the Annual General Meeting, the Board elected Mohammed Layas as Chairman, with Khalifa Al-Kindi and Hilal Al-Mutairi as Deputy Chairmen. — (menareport.com)
© 2004 Mena Report (www.menareport.com )