VOL. XXXVI
NO. 31
3-MAY-1993
Financial and Banking News
BANK RESULTS
AFS Sees Profits Fall
Bahrain-based Arab Financial Services (AFS), the leading issuer of travelers'checks in the Middle East, has declared profits of $3.54mn for 1992, down from$6.49mn the previous year. The fall was due to reduced sales of travelers'checks and low international interest rates. Nevertheless, a dividend of $2.4mn,up from $1.8mn in 1991, has been proposed. The company made provisions of $3.5mnagainst bad debts, the...
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