Lebanon's Byblos Bank posts 5.9 per cent drop

Lebanon's third-largest banking institution, Byblos Bank, posted a 5.9 percent year-on-year drop in profits in 2012.

[Lebanon's third-largest banking institution,] Byblos Bank [2], posted a 5.9 percent year-on-year drop in profits in 2012 after allocating $66.7 million in provisions for credit losses.

Unaudited consolidated net income for 2012 reached $169 million [3], the bank said in a statement issued Saturday, compared to $179.7 million for the year 2011.

Customer deposits grew by 4.4 percent in 2012 to $13.4 billion while net customer loans increased by 3 percent to $4.1 billion. Total assets stood at $17.0 billion by the end of 2012 compared to $16.6 billion at the end of 2011.

“Byblos Bank maintained one of the most elevated liquidity levels in the banking sector. [4] Indeed, its Primary Liquidity Placed with Central Banks and Banks amounted to $8.9 billion representing 66.6 percent of total deposits at the end of December 2012,” the bank statement said.

The bank added that in December it successfully issued $300 million, 10-year convertible subordinated loans bearing a yearly coupon of 6.5 percent paid quarterly.

Lebanon's Byblos Bank posted a 5.9 per cent drop in profits