VOL. XLII

No. 13

29-MARCH-1999

BAHRAIN

ABC Records 83% Fall In 1998 Profits

Bahrain-based Arab Banking Corporation (ABC) on 11 Marchannounced 1998 profits of $25mn an 83% decline from 1997 profits of $145mn.According to a statement released by the bank, deterioration of risk in certainemerging markets resulted in the bank having to take provisions of $229mn (131%higher than 1997) to cover potential losses, particularly in China, Russia andAsia. "In view of this," the statement said, "ABCs Board...