Lebanese banks announce net profits for first 9 months of 2000
Byblos Bank SAL, one of Lebanon’s top 5 banks, announced $35.8 million in net profits for the first 3 quarters of 2000, down 4.5 percent from the same period last year.
The bank’s total assets reached $3.9 billion, up 8.1 percent from September 1999. Customer deposits totaled $3.1 billion, a 7.9 percent rise year-on-year. Loans grew 9.9 percent to $1.1 billion.
Byblos attributed the flat profit growth to the ongoing economic recession as well as to lower returns on Treasury bills and increased provisions against its loan portfolio.
A statement by Byblos said the drop in net income was also due to the bank’s conservative policy of maintaining high liquidity and hedging part of its capital. Non performing loans represented 12.3 percent of the loan portfolio, while the cost-to-income ratio stood at 50.8 percent. Returns on average assets and equity were 1.26 percent and 16.4 percent, respectively, compared to 1.4 and 18 percent at the end of September 1999.
Bank of Beirut SAL, one of Lebanon’s top 10 banks, declared unaudited net profits of $14 million for the first 9 month of 2000, a 1.51 percent increase from the same period last year.
Total assets reached $1.926 billion, up 15.35 percent from September 1999. Customer deposits totaled $1.46 billion, a 16.84 percent rise year-on-year. Loans grew 10.26 percent to $501.36 million. — ( Lebanon Invest)
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