Financial and Banking News
Albaab Retains 1985 Earnings, Loses Reserves
Al-Bahrain Arab African Bank (Albaab) announced an operating profit of $16mn in 1985, compared with $15.8mn in 1984, an increase of 1.3%, but no dividend was paid. All profits were retained to support the bank's reserves. A $31mn subordinated loan was converted into equity during 1985, so that total paid-in capital was $138mn at the end of the year. Despite the retention of profits,...