$8 billion in profits for Arab banks in 1999

Statistics issued by union of Arab banks stated that the net profits of the Arab banking sector during 1999 reached nearly $8.3 billion, up from $7.5 billion in 1998 and $6.8 billion in 1997. The statistics said that total properties of the Arab banks were $55.9 billion in 1999, while they reached $50.8 billion in 1998, adding that the total deposits in the Arab banks reached $363.8 billion, up from $328.6 billion in 1998.