Byblos Bank’s net profits down

FFA sets target share price at $1.6

Byblos Bank’s net profits reached $38 million in the third quarter of 2013, down from $42 million during the same period last year.

This drop was mainly driven by a decrease in operating income and lower interest margins, despite stronger income from fees and commissions, according to a report by FFA Private Bank.

The report said the drop in financial gains was even more significant due to efforts to improve visibility, despite a partially offsetting by significantly lower provisions.

Byblos Bank saw a healthy growth in assets, deposits and loans during the quarter in the two to four percent range to $18 billion, $14.4 billion and $4.3 billion respectively.

The bank’s capital adequacy ratio (Basel III) was 14.6 percent in the third quarter of 2013, which highlights a comfortable capital position.

Based on today’s listed share price of $1.51, Byblos Bank has an attractive dividend yield of 8.8 percent. FFA set the target price at $1.6.