BEIRUT: Bank of Beirut’s profits in 2013 surged by 6.40 percent to almost $148 million as the bank continued to reap high benefits from its presence in Australia.
According to the balance sheets of the bank, total assets in 2013 rose by 15.2 percent to reach LL20.555 trillion ($13.7 billion) compared to LL17.462 trillion in 2012.
Customer deposits rose above $10 billion in 2013 compared to $9 billion in 2012.
The bank’s private equity rose to LL2.3 trillion ($1.5 billion) in 2013.
A senior official at the bank told The Daily Star that Bank of Beirut’s operations in Australia has helped the lender to increase its assets and profits over the past five years.
“Our presence in Australia and our successful operations in Lebanon are helping us to achieve good growth in profits and assets each year,” the executive explained.
Bank of Beirut is the only Lebanese bank operating in Australia.
Operating under the name of Bank of Sydney, Bank of Beirut has 16 branches across Australia.
Bank of Beirut is considered one of the main five banks in Lebanon in terms of assets and deposits.
The bank’s shares are also listed on Beirut Stock Exchange.
A version of this article appeared in the print edition of The Daily Star on January 31, 2014, on page 5.