Arab Banking Corp’s quarterly income up 27%

April 30, 2014 9:54 am

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.