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ABC posts $105m net profit

Bahrain-headquartered Arab Banking Corp (ABC) has posted a net profit of $105m for the first half of the year, and $51m for the second quarter, Gulf Daily News has reported. Total operating income fell to $193m in the second quarter from $214m in the first quarter, ABC said, attributing the decline to lower interest rates and exchange rate changes in Brazil even as income from lending activities increased on the back of higher volumes whilst trade finance activities continued to remain high. Total operating expenses were $103m, compared with $99m and net impairment provisions were $13m against $15m in the previous quarter.