Fransabank deposits rise by 13 percent

Net profits drop to $22 million in first quarter on higher provisions

Fransabank reported consolidated net profit of $22.7 million for the first quarter of 2012, down from $33.8 million for the same period last year.

The bank allocated collective provisions of $12 million during the first quarter of 2012.

Fransabank’s assets stood at $14.8 billion at end-March, up by 13 percent year-on-year.

Customers’ deposits stood at around $12.2 billion, up by 13 percent, while loans to customers totaled $4.5 billion, up by 18.7 percent.

Fransabank has operations in Syria, Sudan, Algeria, Libya, Cyprus, France, and Belarus.

Reported by Hanadi Chami