Financial and Banking News
UBAF Arab American Cuts Provisions
UBAF Arab American Bank has cut its loan loss provisioning charge from$66.2mn to $5.8mn in 1989, which has accounted for all its operating profit,leaving it with zero net profit for the year. At the end of 1988 the bankdeclared heavy provisions (and a loss of $81.6mn) in preparation for arecapitalization exercise, which injected $31mn of fresh equity from three banks- Arab African...
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