BBAC records 22.7 percent rise in profits to $34 million

Bank of Beirut and the Arab Countries (BBAC) recorded an annual improvement of 22.7 percent in its net profits to reach $34.1 million in the first nine months of 2012.

The bank owes this in part to a decrease in net provisions for credit losses from $6.1 million in the first nine months of 2011 to $2.8 million in the same period this year.

BBAC’s net operating income improved to $86.9 million in this period, up 14 percent from the first nine months of 2011. Total operating expenses progressed by 11 percent annually to $47.1 million at end-September.

Total assets and customer deposits both went up by 8.8 percent since end-2011 to reach $4.7 billion and $4.2 billion respectively in the first nine months of 2012.