American Bank of Albania reports higher first-half profit

TIRANA, Sept. 23 – The American Bank of Albania reported Friday a 52 percent increase in net profit for the first half of this year. Net profit grew to 404 million leks from 265 million leks reported at the end of 2005, the bank said in a statement. Bank assets reflected an increase by 10 percent for the first half as compared with the end of 2005, growing thus from 56 billion leks to 61 billion leks. Net income before taxes for the first two quarters reached over 505 million leks, while for the same period in 30 June 2005 pretax income closed at 376 million leks.
ABA is owned by the Albanian-American Enterprise Fund, a private, U.S. corporation first funded through a US$30 million grant from the U.S. government. It has operated in Albania since 1998, trying to promote the private sector. There are 17 commercial banks operating in Albania.