VOL. XLV

No 8

25-February-2002

BANK RESULTS

ABC And GIB See Profits Fall For2001

Despite restructuring that hasimproved their ability to withstand external shocks, neither Arab BankingCorporation (ABC) nor Gulf International Bank (GIB), the two leading Arabinvestment banks, has escaped the global economic downturn unscathed. Reportingat the end of last month, GIB said that it had witnessed a 15% decline in netprofits to $100.5mn from $118.1mn the previous year and that it had taken aprovision...