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Byblos Bank's net profits in the first quarter of 2018 dropped by 3 percent to $28 million compared to the same period of 2017 due to new government taxes, the bank said Wednesday.The government raised taxes on profits from 15 percent to 17 percent and hiked the tax on interest on customer deposits from 5 percent to 7 percent.Lebanese banks have warned that the "double taxation" would cause the profits to drop, urging the government to revise the taxes.Customer deposits stood at $18.1 billion in the first three months of this year, registering a slight increase of 0.7 percent.
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