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Statement of Income
Page Content
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(US$ million) |
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Three months 1 April to 30 June |
Six months 1 January to 30 June |
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2004 |
2003 (Restated) |
2004 |
2003 (Restated) |
OPERATING INCOME |
Interest income |
115 |
127 |
230 |
275 |
Interest expense |
(79) |
(90) |
(160) |
(192) |
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Net interest income |
36 |
37 |
70 |
83 |
Other operating income |
42 |
67 |
85 |
109 |
Total operating income |
78 |
104 |
155 |
192 |
Provision for losses on loans and advances, net of recoveries |
1 |
(8) |
(6) |
(14) |
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NET OPERATING INCOME AFTER PROVISIONS |
79 |
96 |
149 |
178 |
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OPERATING EXPENSES |
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Staff |
29 |
37 |
56 |
66 |
Premises and equipment |
6 |
6 |
12 |
12 |
Other |
13 |
11 |
26 |
21 |
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Total operating expenses |
48 |
54 |
94 |
99 |
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PROFIT BEFORE TAXATION AND MINORITY INTERESTS |
31 |
42 |
55 |
79 |
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Taxation on foreign operations |
- |
(5) |
(4) |
(11) |
Minority interests in subsidiaries |
(2) |
- |
- |
(2) |
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NET PROFIT FROM CONTINUING OPERATIONS |
29 |
37 |
51 |
66 |
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Discontinued Operations (subsidiaries sold in 2004) Profit from discontinued operations - net of tax 2004: US$ 303 million; 2003: US$ 17 million |
- |
20 |
455 |
45 |
Minority Interests |
- |
(6) |
- |
(15) |
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NET PROFIT FROM DISCONTINUED OPERATIONS |
- |
14 |
455 |
30 |
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NET PROFIT FOR PERIOD |
29 |
51 |
506 |
96 |
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EARNINGS PER SHARE (expressed in US$) |
0.31 |
0.54 |
5.38 |
1.02 |
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The above Consolidated Statement of Income has been extracted from the interim condensed consolidated financial statement of Arab Banking Corporation (B.S.C.) for the period ended 30 June 2004, reviewed by Ernest & Young, Kingdom of Bahrain.
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