Bahrain's ABC net profit up for first nine months of 2001

Published October 31st, 2001 - 02:00 GMT

Arab Banking Corporation (ABC) posted a five percent rise in net profit in the first nine months of 2001 to $103 million compared to $98 million in same period last year, the bank said Tuesday, October 30. 

 

The Bahrain-based investment group, the largest Arab bank in terms of assets, said total assets rose one percent to $27.003 billion from $26.676 billion in the corresponding nine-month period in 2000. 

 

"We have largely met our targets for the year so far, and remain on track to meet our goals for the year despite the global economic slowdown, exacerbated by the tragic events of September 11," ABC president and chief executive Ghazi Abdul Jawad said. 

 

"Although we have improved our operating result, we also had to augment loan loss provisions to a greater extent than originally envisaged," Jawad 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, Manama) 

 

© Agence France Presse 2001 

© 2001 Mena Report (www.menareport.com)

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