Roger Dagher, Head of Finance at BOB, said that the net profit achieved was five percent higher than what the bank has expected. “We forecasted an increase of ten percent in the 2009 net profit, but the increase was higher than that,” he said.

The increase in net profit is due to a 12 percent rise in the net operating income to $180 million. It was also fuelled by a 39 percent increase in the noninterest income.

The bank’s net interest income dropped six percent to $106 million in 2009. Dagher said “that the drop in the net interest income is normal and explained, and is due to the drop in international interest rates, interest rates on Eurobonds, and the drop in interbank rates.” 

Operating expenses rose nearly 12 percent to $91 million. The bank’s assets stood at $6.9 billion at December 31, 09, up 21 percent from 2008.

Dagher said that BOB will continue with its expansion strategy locally and internationally in 2010. He said the bank will open “not less than ten to 12 local branches this year.”

Internationally, the bank plans either to acquire new banks in “Europe and beyond” or incorporate branches and subsidiaries, he said.

BOB opened a new branch in Frankfurt, Germany in October of last year with a capital of $13 million.