VOL. XLVII

No 09

01-March-2004

BANK RESULTS

ABC Turns $41Mn 2002 Loss Into $120Mn Profit In 2003

Bahrain-based Arab Banking Corporation (ABC) has announced a net profit of $120mn for 2003, following a loss of $41mn in 2002. The groups operating profit before provisions, tax and minority interests for 2003 totaled $354mn, up 54% against the $230mn achieved in 2002. Total revenues increased by 25% to $898mn from $721mn in 2002. Net interest income was down to $437mn from $464mn, mainly as a result...