Daouk says the bank’s profits last year were good despite Lebanon’s turbulence
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Bank Misr Liban is exploring prospects to acquire a bank in a bid to increase its balance sheet, its Executive General Manager Fadi Daouk said.Bank Misr Liban saw an increase in its profits in 2015 by 35 percent from $5.214 million in 2014 to $7.026 million in 2015 .However, despite the complicated security situation, Daouk said his bank was capable of increasing its total deposits by 12 percent from $1.140 billion in 2014 to $1.272 billion in 2015 . Moreover, the bank saw an increase in assets by 13 percent from $1.347 billion in 2014 to $1.518 billion. Daouk said that bureaucratic procedures in big banks are complicated and require a huge amount of time.He added that one great advantage offered by Bank Misr Liban is the strong backup from Bank Misr in Egypt which is a major shareholder at 92 percent. Daouk said that the bank is also planning on launching two new products in February.
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