Arab Banking Corp. profit rises slightly, shares surge
- Bahrain: Tuesday, February 05 - 2013 at 16:00
The Bahrain All-Share Index gained 1.31% to close at 1,099.59 points Tuesday. Shares or Arab Banking Corp. or ABC jumped 5.41%, closing at $0.39. Earlier in the day, ABC said its net profit in 2012 reached $205m, up from $204 in the previous year. The lender added in a statement that the total operating income amounted to $816m as against $818m in 2011, "despite the severe impact of the stronger dollar in translating the revenues of subsidiaries in 2012." ABC said further that "strong revenues from our subsidiaries in MENA, Europe and Brazil, as well as from our wholesale banking and treasury operations" boosted the group's earnings. Operating expenses plummeted by $11m to $403m.
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