Bottom line of Lebanon’s Banque Audi rises 5.8 percent in 1H02
Lebanon’s Banque Audi, one of Lebanon’s top five banks and parent company of Lebanon Invest and Banque Audi Suisse, posted a 5.8 percent rise in its consolidated unaudited net income, which reached $17.5 million in the first six months of financial year 2002, versus the corresponding period the previous year.
At the same time, the bank’s assets totaled $4.56 billion, registering a 13.44 percent increase. Customer deposits totaled $3.73 billion, growing 10.24 percent year-on-year. The bottom line rise was mainly attributed to the consolidation of Banque Audi Suisse, which drove Audi’s non-interest revenues up 35.6 percent in the 1H02, to $25.7 million.
Banque Audi and Banque Libano-Francaise (BLF) have recently called off merger talks. The proposed amalgamation would have created the largest bank in the country with total assets worth eight billion dollars. Merger plans were shelved after preliminary negotiations revealed a divergence in internal affairs, strategic management and expansionary policies between the two entities.
The Audi Bank Group was incorporated in 1962. The group expanded overseas in the seventies by establishing sister banks in Switzerland, France, Luxembourg and the US. Banque Audi has the largest on-line real-time branch network in Lebanon with 64 operating branches and 84 operating Automated Teller Machines (ATM). The Bank also offers a free phone banking service. — (menareport.com)
© 2002 Mena Report (www.menareport.com)