The Lebanese Byblos Bank posted net income of LBP 36.208 billion ($23.95 million) in the first half of the current year, representing an eight percent drop in comparison to the corresponding period of the previous year. Net operating income fell a drastic 30 percent to LBP 33.619 billion ($22.2 million) in the same period.
According to banking sources, the decline is attributed to the conservative policies implemented by the bank due to the ongoing economic slowdown.
Total interest income for the first half of 2001 amounted to LBP 291.582 billion, whereas total interest expenses reached LBP 217.877 billion.
Byblos Invest Holding S.A. Luxembourg and Lebanon together hold 40.93 percent of the bank, Byblos Finance Holding S.A. Luxembourg holds 4.61 percent, Société Eléctricité de Jbeil S.A.L. has a 3.31 percent stake, and thirty percent of the bank’s shares are listed on the Beirut Stock Exchange.
As of January 2000, the bank ranked second in total equity and profits, third in total assets and customer deposits in comparison to other Lebanese banks. — (Mena Report)
© 2001 Mena Report (www.menareport.com )