25 May 2006
Beirut (APD) - The Casablanca-based Arab Bank Maroc improved in its financial performance in 2005 and achieved MD 30.54 million ($3.5 million) in profits compared with a loss of MD 12.86 million ($1.5 million) in 2004, the London-based daily Asharq al-Awsat reported Thursday.
Beirut (APD) - The Casablanca-based Arab Bank Maroc improved in its financial performance in 2005 and achieved MD 30.54 million ($3.5 million) in profits compared with a loss of MD 12.86 million ($1.5 million) in 2004, the London-based daily Asharq al-Awsat reported Thursday.
"These results reflect the efforts spent by the bank and the good performance of its employees," said Abderrahim Saher, general manager of Arab Bank Maroc.
Saher declined to disclose the reasons for the 2004 losses.
"I don't want to hurt anyone. I took charge in February 2005. I am not responsible for what happened before," he said.
Arab Bank Maroc intends to expand its activities by introducing new consumer banking services starting from June. These services will be mainly in loans for consumer goods, car purchases, and housing, Saher added, indicating that the bank plans to enlarge its branch network as well.
Arab Bank Maroc, established in 1961, is fully-owned by the London-based Arab Bank Plc which is part of the Arab Bank Group headquartered in Amman, Jordan. [TS]By Shikrallah Nakhoul, APD Staff Writer in Beirut
APD (Arab Press Digest) 2006
