Bank Audi net profits up by19%
Bank Audi, which is the largest bank in Lebanon and which ranks among the first 25 Arab banking groups reported that in 2008 net profits after taxes grew by 19.1% relative to 2007, to reach US$ 238.5 million after the allocation of provisions on assets including loan portfolio, which underlines the high quality of earnings. In the fourth quarter of 2008, net profits reached US$ 58 million as compared to US$ 50 million in the third quarter.
The annual growth in deposits reached US$ 3 billion in 2008 while the contribution of foreign entities reached 28% of total assets and 22% of profits in 2008.
According to the bank, total shareholders’ equity amounts to US$ 1.9 billion, the equivalent of 28% of the consolidated shareholders’ equity in the Lebanese banking sector. Net non-performing loans account for less than half a percentage point and records 0.37% of gross loans. Gross non-performing loans are covered to the extent of 88% by loan loss provisions, which exceeds 100% when accounting for guarantees.