Lebanese economy slows down
Bank Audi says that the Lebanese economy has slowed since January.
“Lebanon’s economy reported this year a slowdown in activity, as mirrored by its various real sector indicators. Within this environment, the deceleration of capital inflows to the domestic economy somewhat weighed down on the growth of banking sector activity as reflected by its main driver, total customer deposits, which posted an increase of $5.7 billion during the first eight months of this year, compared to $7 billion during the same period of 2010,” the statement said.
“Profits before taxes rose by 12.6 percent, moving from $346 million in the first nine months of 2010 to $389 million in the first nine months of 2011” said the bank in a statement.
Despite an increase in net loan loss charges by 73.4 percent over the same period, net earnings after taxes increased by 7.1 percent, from $253 million in the first nine months of 2010 to $271 million in the first nine months of 2011.
Audi’s total assets reached $28.7 billion at end of September 2011 and $39.7 billion when accounting for deposits, security accounts and assets under management. (Source: www.yallafinance.com)