Financial and Banking News
ABC Profits Slip
Net pre-tax profits for the Arab Banking Corporation (ABC) Group slipped during the first half of 1986 to $61mn, compared with $76mn a year ago. The drop was caused by two factors: a fall in operating profit from $89mn to $83mn, and a change in accounting procedures so that loan loss provisions are now taken throughout the year rather than at the end of the year. Loan loss provisions during the first half of this year were...