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Statement of Income
Page Content
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2003 |
2002
Restated |
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(US$ million) |
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OPERATING INCOME |
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Interest income |
1,033 |
1,175 |
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Interest expense |
(596) |
(711) |
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Net interest income |
437 |
464 |
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Other operating income |
461 |
257 |
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TOTAL OPERATING INCOME |
898 |
721 |
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Provision for losses on loans and advances, net of recoveries |
(175) |
(204) |
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NET OPERATING INCOME AFTER PROVISIONS |
723 |
517 |
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OPERATING EXPENSES |
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Staff |
330 |
298 |
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Premises and equipment |
70 |
61 |
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Other |
144 |
132 |
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Total operating expenses |
544 |
491 |
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PROFIT BEFORE TAXATION AND MINORITY INTERESTS |
179 |
26 |
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Taxation on foreign operations |
(30) |
(37) |
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Minority interests in subsidiaries |
(29) |
(30) |
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NET PROFIT (LOSS) FOR THE YEAR |
120 |
(41) |
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BASIC EARNINGS PER SHARE (expressed in US dollars) |
1.27 |
(0.44) |
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The above Consolidated Statement of Income has been extracted from the Consolidated Financial Statements of Arab Banking Corporation (B.S.C.) for the year ended 31 December 2003, on which an unqualified audit opinion was issued by Ernst & Young, Bahrain, on 15 February 2004.
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