Publication Date:
Sun, 2010-08-01 23:58
The figure represents a 11.8 percent decline in the group’s
after tax profits compared with $343 million as net profits in the first half
of 2009, he added.
Shoman attributed the retreating profits mainly to the
increasing allocations to cover inoperative debts, the decline of interest
rates on the dollar and other major currencies and the falling demand for
facilities.
He put the group’s total assets at $48.9 billion at the end
of June, compared with $50.6 billion at the end of 2009, or 3.4 percent decline
due to the falling exchange rates of currencies versus the US dollar.
The Arab Bank Group has 500 branches spanning 30 countries
in five continents.
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