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ABC unit ups H1 net profits 20%

Bnamericas Published: Friday, August 18, 2006
Banco ABC Brasil, the Brazilian subsidiary of Bahrain-based Arab Banking Corp (ABC), recorded a 20% rise in first half net profits compared to the same period last year. First half net profits reached 24.9mn reais (US$11.6mn) compared to 20.6mn reais in 1H05, the bank said. ROE, however, fell to 32.5% in the first half from 37.6%. The ABC unit expanded its loan book 9.23% to 2.12bn reais by end-June compared to the same time 2005. Commercial lending dominates the bank's loan operations in Brazil, with the manufacturing and services industries accounting for the vast majority of loans. Net interest income shot up 63.7% to 181mn reais, although operating income slipped 6.02% to 33.5mn reais. Banco ABC Brasil focuses primarily on capital market operations and corporate financing as well as exchange operations for larger Brazilian companies.

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