VOL. XLII

No. 22

31-May-1999

BAHRAIN

ABC 1Q Results Down By 17%

Bahrain-based Arab Banking Corporation (ABC), one of thelargest banks in the Middle East in terms of asset size, announced on 13 May anet first quarter profit of $29mn a 17% decline over the previous yearsfigure for the same period of $35mn. It also announced a decline in operatingprofits from $111mn to $73mn and a drop in provisions (from $53mn in 1998 to$19mn in 1999). The Group also witnessed a decline in assets from $26,064mn...