Top three banks still showing resilience

Improved asset quality over third quarter

Bank Audi, BLOM Bank, and Byblos Bank demonstrated reassuring resilience despite the slowdown of banking activity, as seen in their unaudited consolidated results for the third quarter.

The banks reported aggregate profits of $682 million during the first nine months of 2012, rising by around seven percent year-on-year. These results were attained despite higher credit loss provisions taken by the three banks in their Syrian affiliates.

BLOM Bank increased its profits by six percent year-on-year, to $250 million. The bank’s total assets reached $24 billion, growing by around five percent from end-2011. Deposits reached $21 billion, growing by more than five percent, and the loans portfolio grew by five percent to $5.8 billion.

Bank Audi reported a 14 percent y-o-y rise in profits. Net income rose to $309. Total assets reached $29 billion and deposits amounted to around $25 billion, despite the contraction of assets at Bank Audi Syria. The bank will soon launch operations in Turkey through Odeabank, its fully-owned subsidiary.

Byblos Bank’s net profits reached $123 million. Total assets totalled $16.9 billion. The bank’s customer deposits grew by 4.2 percent year-to-date, to $13.4 billion. Total loans amounted to $4.1 billion, growing by 3.2 percent year-to-date.

Reported by Alexis Baghdadi