Mobile  |  About us  |  Photos  |  Videos  |  Subscriptions  |  RSS Feeds  |  Today's Paper  |  Classifieds  |  Contact Us
The Daily Star
FRIDAY, 18 APR 2014
11:15 AM Beirut time
Weather    
Beirut
20 °C
Blom Index
BLOM
1,214.01down
Lebanon
Follow this story Print RSS Feed ePaper share this
Byblos Bank profits fall 6 percent
Reuters
Byblos Bank headquarters is seen in Beirut. (The Daily Star/Mahmoud Kheir)
Byblos Bank headquarters is seen in Beirut. (The Daily Star/Mahmoud Kheir)
A+ A-

BEIRUT: Lebanon’s Byblos Bank reported a 6 percent drop in net profit last year to $157.1 million, reflecting the economic stagnation in a country marred by political paralysis and feeling the effects of Syria’s war.

It said total assets stood at $18.5 billion, customer deposits increased by 10.2 percent to $14.7 billion and net customer loans rose by 9.5 percent to $4.5 billion.

The bank said in a statement Wednesday that it had allocated $57.3 million in provisions for credit losses, which also accounted for some of the drop in net profit.

“Despite uncertainty on the political level and an ongoing stagnation of the economy, Byblos Bank witnessed growth in key financial areas,” the statement said.

Violence in neighboring Syria has spilled over into Lebanon and contributed to a sharp slowdown in economic growth over the last two years.

The small Mediterranean country has also been without a fully functioning government since March 2013 when Prime Minister Najib Mikati resigned, and months of political bickering have hampered economic growth.

 
A version of this article appeared in the print edition of The Daily Star on January 30, 2014, on page 5.
Home Lebanon
 
     
 
Lebanon
Advertisement
Comments  

Your feedback is important to us!

We invite all our readers to share with us their views and comments about this article.

Disclaimer: Comments submitted by third parties on this site are the sole responsibility of the individual(s) whose content is submitted. The Daily Star accepts no responsibility for the content of comment(s), including, without limitation, any error, omission or inaccuracy therein. Please note that your email address will NOT appear on the site.

comments powered by Disqus
Story Summary
Lebanon's Byblos Bank reported a 6 percent drop in net profit last year to $157.1 million, reflecting the economic stagnation in a country marred by political paralysis and feeling the effects of Syria's war.

The bank said in a statement Wednesday that it had allocated $57.3 million in provisions for credit losses, which also accounted for some of the drop in net profit.
Related Articles
 
 
Don’t count on bankers
 
 
BankMed confirms strong growth in 2013
Entities
Advertisement


Baabda 2014
Advertisement
Follow us on Facebook Follow us on Twitter Follow us on Linked In Follow us on Google+ Subscribe to our Live Feed
Multimedia
Images  
Pictures of the day
A selection of images from around the world- Thursday April 17, 2014
View all view all
Advertisement
Rami G. Khouri
Rami G. Khouri
Silencing Ayaan Hirsi Ali’s hate talk
Michael Young
Michael Young
Why confuse gibberish with knowledge?
David Ignatius
David Ignatius
Putin will keep rolling, until Obama says no
View all view all
Advertisement
cartoon
 
Click to View Articles
 
 
News
Business
Opinion
Sports
Culture
Technology
Entertainment
Privacy Policy | Anti-Spamming Policy | Disclaimer | Copyright Notice
© 2014 The Daily Star - All Rights Reserved - Designed and Developed By IDS