BEIRUT

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BBAC’s profit down by 2.6 percent decline

BEIRUT: BBAC’s 2012 first half net profits reached $21.9 million, declining by 2.6 percent from a total of $22.5 million recorded in the same period of 2011. Total operating expenses rose by 11.2 percent year-on-year to $31 million in the first six months of 2012, with staff expenses reaching $16.5 million, 14 percent higher than reported in the same period of 2011. BBAC’s assets totaled $4.6 billion at end-June 2012, up by 5.4 percent from $4.3 billion at end-2011. Net loans and advances stood at $1.2 billion at end-June 2012, 7 percent higher than the total of $1.1 billion at end-2011. Customer deposits amounted to $4 billion, up by 5.4 percent from $3.8 billion at end-2011.

 
A version of this article appeared in the print edition of The Daily Star on October 02, 2012, on page 5.

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