Alubaf Arab Bank gains top $6.6m
Manama, April 1, 2009
The Alubaf Arab International Bank earned a net profit of $6.6 million in the fourth quarter last year, it was announced at the bank's annual general meeting.
'The year 2008 was the first full operational year for Alubaf since its reactivation where the bank commenced its various banking activities in international trade finance, loans and credit in addition to its treasury services,' the bank said.
The net profit for last year topped $8.16 million.
With strong support from its major shareholder Libyan Foreign Bank, Tripoli the bank could increase the capital during the year by $50 million thus bringing the total paid up capital to $100 million. The banks total assets stood at $513 million with equity of $102.5 million.-TradeArabia News Service