Byblos Bank records $11.8 million net income in 1Q 2002
Lebanon’s Byblos Bank reported a 17.8 billion Lebanese pound ($ 11.8 million) net income for the first quarter of 2002, a 0.5 percent increase compared with figures from last year, stated a press release.
The bank’s net interest margin increased by 16 basis points from 2.47 percent in the first quarter of 2001 to 2.63 percent in the first quarter of 2002. The improvement in net interest margin resulted mainly from the reduction in the cost of foreign currency deposits, mainly those denominated in American dollars.
Total assets dropped slightly by 0.3 percent during the first three months of the year reaching LP 6.9 billion ($ 4.6 million) at the end of March 2002 compared to a growth of 0.6 percent in the Lebanese banking sector. Customer deposits recorded a growth of 0.54 percent during the first three months of the year to reach LP 5.5 billion ($ 3,648 million) at the end of March 2002 compared to a growth of 0.03 percent in the Lebanese banking sector.
Byblos Bank stood is the third largest commercial banking institution in Lebanon and the largest in consumer banking. It has a paid-up share capital of LP 245.8 billion ($161.8 million), consisting of 205 million shares valued at LP 1,200 each. — (menareport.com)
© 2002 Mena Report (www.menareport.com)