Bank of Beirut profits up 3.42%, assets on the rise

Bank of Beirut said Thursday that its unaudited net profits in the first nine months of this year rose by 3.42 percent to reach $78.67 million. The bank’s assets base grew 14.63 percent to $10.22 billion from $8.92 billion during the same period of 2011, assisted by a 13.06 percent expansion in the net loans portfolio that reached $3.42 billion, 80 percent of which were in foreign currencies, against $3.02 billion a year earlier. Debt instruments (including holdings of Eurobonds and Treasury Bills) also augmented to a similar balance rising 17.9 percent to $ 3.43 billion. On the liabilities side, total deposits climbed 17.22 percent to $7.87 billion of which 65 percent were in foreign currencies, and accounted for 77 percent of the bank’s consolidated assets, while shareholders’ equity advanced 6.13 percent to $1.08 billion. The consolidated income statement revealed significant hikes of 40.24 percent in net interest income to $124 million, and 17.22 percent in net commissions to $56 million. In addition, income from financial investments rose substantially from $1.78 to $7 million. While credit losses of $9.7 million were recognized, net revenues from operations more than covered for the 22 percent growth in operational expenses caused by the increase in salaries and general expenses, leading to the above profit of $79 million. (daily star)