Bank Audi profits flat

Odeabank keeps sustained growth

Bank Audi reported net profit of $188 million in the first half of 2013. The group’s earnings stood flat year-on-year when excluding the sale of its insurance arm LIA Insurance from profits of the first half of 2012.

Consolidated assets grew by 7.6 percent to $33.7 billion. The contribution of foreign subsidiaries to the consolidated assets increased to 38.6 percent from 32.4 percent at end-December.

Assets from Odeabank recorded remarkable growth, totally offsetting negative contributions from the group's Lebanese, Syrian, and Egyptian entities. So far, Odeabank has $5.8 billion in assets, $4.3 billion in deposits, and $3.3 billion in loans.

The group's consolidated customers’ deposits grew by 8.8 percent to $29 billion. Consolidated net loans increased by 22 percent to $12.7 billion.

Gross doubtful loans accounted for 2.3 percent of gross loans, with a coverage of ratio by specific provisions reaching 78 percent.

Bank Audi said it has re-adjusted its expansion strategy, which is now focused on a quick deleveraging in Syria, consolidation of its position in Egypt and Lebanon, and rebalancing overall growth to the larger, higher-rated Turkish market. It said Lebanon, Turkey, and Egypt will constitute the main geographic development pillars for the group. The development of the Private Banking business line would represent the bank's fourth development pillar.