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Arab Banking Corp. H1 net falls to $47m
MANAMA - Arab Banking Corporation (ABC), the parent company of the Bahrain-headquartered Arab Banking Group, announced yesterday that the ABC Group's operating income increased to $157 million for the first half of the year, 16 per cent higher than the $135 million earned in the first half of last year.
Total income increased to $408 million (2002: $359 million). Net interest income for the first half was marginally lower than last year at $222 million (2002: $235 million) depressed by the declines in US dollar and European interest rates over the period, it said.
Non-interest income improved 50 per cent to $186 million (2002: $124 million) boosted by improved performance of capital markets, trade finance, consumer banking, and foreign exchange activities.
President and chief executive Ghazi Abduljawad said loan loss provisions for the half-year was much higher at $65 million (2002: $46 million), mainly because of the continued economic downturn in Europe, North America and Asia, and the debt default by Argentina.
Operating expenses totalled $251 million (2002: $224 million), impacted by the decline of the dollar against other major currencies, including the euro and the sterling. However the overhead expense ratio remained steady at 62 per cent (2002: 62 per cent).
Net profit was $47 million, compared with $51 million for the same period in 2002. ABC Group's total consolidated assets declined by two per cent to $28.7 billion in June this year from $29.3 billion at the year end 2002 (June 2002: $28.9 billion), he said.
Liquidity remained strong with liquid assets to deposits ratio at 49 per cent (2002: 51 per cent) and loans to deposits ratio at 66 per cent (2002: 66 per cent).
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