Financial and Banking News
ABC Profits Drop Despite Lower Provisioning
Arab Banking Corporation CABC) last week announced its consolidated half-year figures which showed a 6.6% decline in net pre-tax profits to $57mn from $61mn last year. Full year net profits (pre-tax) in 1986 were $117mn. The decline in 1987 profits reflects a 13.3% decline in operating profits, from $33mn to $72mn, partly offset by a reduction in provisions for loan losses from $22mn during the first...