Nearly half of Bank Audi’s activity from abroad
Solid growth with financial
results of other banks
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Bank Audi’s financial highlights are increasingly boosted through banking relationships abroad. The bank’s consolidated assets reached $39.3 billion, of which 45 percent came from outside Lebanon, at the end of the first half of 2014. The foreign consolidated asset growth stems in particular from Turkey, where Odeabank reported at end-June assets of $9.6 billion.
The share of foreign banks contributing to Bank Audi’s consolidated assets was zero percent in 2000, which increased to 14 percent by 2004. The bank has been one of the most aggressive financial organizations among its local peers in expanding abroad in recent years. Its relationships includes not only connections with foreign banks but also branded branches abroad.
The bank’s strategy includes remaining active at its home base, and diversification. The current performance of the bank is in line with management’s objective to reach a more balanced distribution of assets and profits, including its name brand in Lebanon and abroad, and through relationships with foreign banks.
Asset growth this year was primarily driven by retail banking, with consolidated customer deposits reaching $34 billion by end June, of which 43 percent came from abroad. Consolidated shareholder equity reached $2.7 billion.
Net profits were up to $190 million, of which 31 percent came from entities abroad. The contribution of foreign banking in terms of net profits is expected to increase; especially that Odeabank reported in the second quarter its first net profits. Loans to customers reached $16 billion, of which 64 percent were made abroad.
In the medium term, the development channels will be centered on three main key markets -- Lebanon, Egypt and Turkey. The fourth development pillar will be the private banking business.
The consolidated profits of the six banks listed on the Beirut Stock Exchange (BSE) reached $545 million, up by 3.1 percent in the first half of 2014. Bank Audi had the lion’s share with 34.8 percent, followed by Blom Bank (32.8 percent), Bank of Beirut (14.2 percent), Byblos Bank (12.7 percent), BLC Bank (4.2 percent), and Banque Bemo (1.1 percent).
Reported by Leila Rahbani
Date Posted: Aug 04, 2014
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