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Arab Banking Corp’s quarterly income up 27%

: Wednesday, April 30 - 2014 @ 09:54

Arab Banking Corp (ABC) has posted a 27% rise in consolidated net profit for the first quarter at $71m, compared with $56m registered in the first quarter of last year, Gulf Daily News has reported. Operating expenses at $103m decreased by $10m resulting in cost to income ratio of 46%, a decline of %, benefiting from the restructuring initiatives taken last year, besides the impact of currency translation. ABC Group’s total assets stood at $27.9bn at the end of the first quarter compared with $26.5bn at last year-end, reflecting growth in loan volumes and other short-term liquid assets.

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Wednesday, April 30- 2014 @ 9:54 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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