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Thu 21 Aug 2003 04:00 AM

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ABC net profit declines

Arab Banking Corporation, the parent company of the Arab-banking group headquartered in Bahrain, saw its operating income increase 16% for the first half of the year, but its net profit declined to $47 million.

Arab Banking Corporation, the parent company of the Arab-banking group headquartered in Bahrain, saw its operating income increase to US$157 million for the first half of the year, 16% up from US$135 million generated in the first half of 2002. However, ABC reported a net profit of US$47 million, compared with the net profit of $51 million for the same period in 2002. The bank said the recession in industrialised economies that started in the second half of 2002 had not abated and continues to affect banks worldwide and is depressing equity markets and businesses in general.

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