Financial and Banking News
ABC Swings Back into Profit, but Profitability Stays Low
Arab Banking Corporation (ABC) has declared pre-tax profits of $90mn for1991, compared to a loss of $47mn for 1990. The bank is not disclosing its taxliability, but in 1990 taxation on foreign operations amounted to $44mn, takingthe total net loss to $91mn. The tax liability is expected to be around the samein 1991, implying post-tax profits of around $46mn. If this is...