Arab Bank Group Records 40% Growth in 2004 Profits Jordan-based Arab Bank Group, one of the Middle East’s leading financial institutions, reported record profits in 2004 amid better yields in capital markets and healthy growth in core deposits and loans at the bank. Its net profits rose by 40% to $319.4 million in 2004, compared to $227.7 million in 2003. Arab Bank’s assets improved by 11.4% year-on-year to $27.3 billion. The bank’s mainly Arab customer base helped push deposits up by 10.5% to $22.9 billion in 2004. It is to note that Arab Bank Group is one of the world’s largest privately owned banks, with nearly 15% owned by late Lebanese former PM Rafik Hariri. GIC Posts 2004 Profit Growth Kuwait-based Gulf Investment Corp. (GIC), owned by GCC countries, Saudi Arabia, Kuwait, Qatar, Oman, Bahrain and UAE, registered an 8% growth in net profits to $135.4 million in 2004, compared