Arab banks profit up $5.5 billion in 1997

The profits of the Arab banks inscreased 5.5 billion dollars in 1997. The secretary general of the Arab Banking Union Adnan El-Hendi said that 1997 was the most distinguished year for the Arab banks in that they underwent a great expansion in services and a comprehensive development in different areas.

He added that the net profits of the Arab banks increased last year due to the increase of the loans processed.

He also called for more mergers to establish large banking entities capable of international competition.

Prior statistics for the Arab Banking Union, which contains more than 300 Arab trade banks, indicated that the net profits rose to about $15.5 billion in 1996, the loans rose from $217 to $313 billion, assets developed from $482 to $520 billion and deposits from $270 to $302 billion.