MANAMA, 12 November 2004 — Bahrain-based Arab Banking Corp. said Wednesday that its net profit increased more than five-fold in the first nine months of 2004, boosted by the sale of units in Spain and Hong Kong.
Net profit rose to $531 million, which included $455 million from the asset sales, from $98 million a year earlier. This comparative figure for 2003 included $41 million from the disposal of the same units.
The bank said net interest income in the period fell 10 percent to $109 million from $121 million a year earlier, mainly due to continuing low interest rates.