MANAMA, 20 February 2004 — Arab Banking Corp. said yesterday it made a net profit of $120 million in 2003 after a loss of $41 million in 2002. Bahrain-based ABC said its operating profit before provisions, tax and minority interests for 2003 totaled $354 million, up 54 percent from $230 million the year before.
“Despite the weak business climate and low interest rates after the (Iraq) war, our results prove the soundness of our new policies,” ABC’s Chief Executive Ghazi Abdul-Jawad said in a statement.