BEIRUT

Local

Listed banks’ profits rise in first half of 2014

Cars drive down Banks Street in Downtown Beirut. (The Daily Star/Mahmoud Kheir)

BEIRUT: Lebanon’s six listed banks posted combined profits of nearly half a billion U.S. dollars in the first half of 2014, an increase of 3.1 percent compared to the same period of 2013, despite the country’s deteriorating political and security situation.The combined profits of Bank Audi, BLOM Bank, Byblos, Bank of Beirut, BLC Bank and BEMO Bank stood at around $545.64 million at the end of the first half, up from $529.21 million a year earlier, according to Credit Libanais.

Consolidated assets rose 5.11 percent to reach $106.24 billion, while deposits and the net loans’ portfolio increased respectively 5.40 percent and 6.79 percent to reach $88.85 billion and $34.20 billion.

The aggregate net interest income of listed banks increased by 12.89 percent year-on-year to $948.85 million, while net fee and commission income was up by 15.34 percent to $276.83 million and net operating income expanded 8.95 percent to $1.43 billion.

Bank of Beirut led the listed banks in terms of the growth in lending to the private sector, with an increase of 18.52 in net loans in the first half of the year, while Bank Audi maintained the highest share of net profits.

Bank Audi’s share of combined profits in the first half stood at 34.78 percent, with net profits of $189.76 million compared to $188.03 million during the same period of 2013. BLOM Bank followed, with net profits of $179.22 million, representing a share of 32.85 percent of combined profits, followed by Bank of Beirut at 14.27 percent, Byblos Bank at 12.74 percent, BLC Bank at 4.26 percent and BEMO Bank at 1.10 percent.

Consolidated assets rose 5.11 percent to reach $106.24 billion at the end of the first half of 2014, up from around $101.08 billion at end of 2013. Bank Audi’s assets accounted for 36.96 percent of the combined assets of all six banks, followed by BLOM Bank at 25.76 percent, Byblos Bank at 17.54 percent, and Bank of Beirut at 13.16 percent.

The increase in assets was buoyed by a 6.79 percent rise in the net loans’ portfolio to $34.20 billion, while consolidated deposits were up 5.40 percent to reach around $88.85 billion at the end of the first half of 2014 compared to $84.30 billion at the end of 2013.

Bank of Beirut posted an 18.52 percent increase in net loans, followed by Bank Audi at 9.03 percent, BEMO Bank at 6.85 percent, BLOM Bank at 6.52 percent, BLC Bank at 3.4 percent and Byblos Bank at 2.36 percent.

The combined ratio of customer loans to customer deposits of all 6 banks stood at 38.49 percent as of the end of June 2014, from 37.99 percent at the end of 2013.

 
A version of this article appeared in the print edition of The Daily Star on August 04, 2014, on page 5.

Recommended

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.

Alert: If you are facing problems with posting comments, please note that you must verify your email with Disqus prior to posting a comment. follow this link to make sure your account meets the requirements. (http://bit.ly/vDisqus)

comments powered by Disqus
Summary

BLOM Bank followed, with net profits of $179.22 million, representing a share of 32.85 percent of combined profits, followed by Bank of Beirut at 14.27 percent, Byblos Bank at 12.74 percent, BLC Bank at 4.26 percent and BEMO Bank at 1.10 percent.

Bank Audi's assets accounted for 36.96 percent of the combined assets of all six banks, followed by BLOM Bank at 25.76 percent, Byblos Bank at 17.54 percent, and Bank of Beirut at 13.16 percent.

Bank of Beirut posted an 18.52 percent increase in net loans, followed by Bank Audi at 9.03 percent, BEMO Bank at 6.85 percent, BLOM Bank at 6.52 percent, BLC Bank at 3.4 percent and Byblos Bank at 2.36 percent.


Advertisement

FOLLOW THIS ARTICLE

Interested in knowing more about this story?

Click here