Financial and Banking News
Gulf Crisis Pushes ABC to $91mn Loss
Bahrain-based Arab Banking Corporation (ABC) has declared a loss of $91mn for1990 after assigning $172mn to loan loss provisions. Heavy provisioning hasmeant that the bank has been unable to declare profits in three of the last fouryears. The bank's total income for 1990 stood at $555mn - a 10% rise on 1989only partly attributable to the profit of $18mn on the sale of buildings by...