NO. 21


Financial and Banking News

Bank Results

Higher Operating Expenses Depress Profits At Arab National Bank

Riyadh-based Arab National Bank (ANB), in which Amman-based Arab Bank has a40% stake, has reported an 18% fall in profits for 1994 as a result of higheroperating expenses. Operating profit (before expenses) rose over the year. Thecash dividend has been cut, but not drastically. Mr. Elie al-Hadj, the ManagingDirector, says that the increased expenses were the...