Bahrain-based Arab Banking Corporation (ABC) reported net profits of $67 million for the first six months of 2000, an increase of 12 percent over the corresponding period of 1999.
The bank's operating profits totaled $144m for the first six months of 2000, relative to $148 million in the same period last year. Total assets also rose 3 percent to reach $25.1 billion for the end of June.
However, net interest income fell 7 percent from $225m to $210m in the first half of the year, whereas non-interest income sharply increased by 19 percent from $128 million to $152 million.
In a report to Gulf-Daily News, a bank spokesman stated that the bank will continue exploring in the next couple of years new investment opportunities in domestic banking platforms in the region.
As can be seen by the bank's current balance sheet, the bank's focus in the past year was on selective asset growth, improved asset quality and a significant reduction in problematic loans.
Additionally, the bank recently signed in late June a $400 million loan with regional and international banks. — (Albawaba-MEBG)
© 2000 Mena Report (www.menareport.com)
