BEIRUT: Byblos Bank posted a 5.9 percent year-on-year drop in profits in 2012 after allocating $66.7 million in provisions for credit losses.

Unaudited consolidated net income for 2012 reached $169 million, the bank said in a statement issued Saturday, compared to $179.7 million for the year 2011.

Customer deposits grew by 4.4 percent in 2012 to $13.4 billion while net customer loans increased by 3 percent to $4.1 billion. Total assets stood at $17.0 billion by the end of 2012 compared to $16.6 billion at the end of 2011.

“Byblos Bank maintained one of the most elevated liquidity levels in the banking sector. Indeed, its Primary Liquidity Placed with Central Banks and Banks amounted to $8.9 billion representing 66.6 percent of total deposits at the end of December 2012,” the bank statement said.

The bank added that in December it successfully issued $300 million, 10-year convertible subordinated loans bearing a yearly coupon of 6.5 percent paid quarterly.