Financial and Banking News
TAIC Profits Drop 53%
Higher provisioning by The Arab Investment Company (TAIC) resulted in a 53% decline in earnings from $11.7mn to $5.5mn in 1985. Loan loss provisions were increased from $11.9mn to $20.5mn, a major portion ($14mn) of which resulted from the 48% devaluation of the Sudanese currency in February 1985. TAIC's assets increased 2.1% to $702.5mn.