Alain Wanna, Byblos’s Chief Financial Officer, said that the net income achieved “was within the expectations of the bank.” Wanna said that the bank expects its profits to increase “15 percent in 2010.” 

The rise in profit was mainly driven by an increase of 20 percent in the bank’s assets to $13.6 billion as of December 31, 09.

Net interest income rose eight percent to $256 million. Wanna said that the increase in net interest income was driven by “the conservative approach of the bank to control interest rates on deposits.”

The bank said its operating income reached $355 million, up 15 percent from a year earlier. 

Customer deposits grew to $10 billion from $8.4 billion a year earlier while loans increased 14.5 percent to $3 billion.

Wanna said “that the bank’s plan to raise its capital by $250 million will be completed within two to three months.”