Arab Today, arab today byblos bank posts flat 80 mln firsthalf income
Last Updated : GMT 14:49:20
Arab Today, arab today
Arab Today, arab today

Byblos Bank posts flat $80 mln first-half income

Arab Today, arab today

Arab Today, arab today Byblos Bank posts flat $80 mln first-half income

Beirut - Arabstoday

Byblos Bank reported flat growth in net income of $80 million for the first half of 2012 compared with same period last year, unaudited results released by the bank showed Thursday. Byblos Bank chairman François Bassil had told The Daily Star earlier this month that he expected the combined net profits of the Lebanese banking sector to plunge by 5-10 percent at the end of 2012 due to domestic political bickering and the volatile situation in neighboring Syria. “Within the context of volatile and uncertain regional conditions Byblos Bank adopted throughout the first half of 2012 a conservative strategy aimed at preserving the bank’s solid financial position through reinforced resilience, high liquidity ...” Byblos Bank’s statement said. Some leading banks have actually seen their profits fall in the first quarter of 2012 with most of them increasing provisions for non-performing loans since the crisis in Syria started 16 months ago. Byblos Bank allocated $23.1 million in provisions for credit losses during the first half of 2012 including $8.4 million of collective provisions, according to the bank statement. Gross Non-performing Loans represented 3.94 percent of gross loans and were covered up to 70.8 percent by specific provisions and reserved interest, it added. As of the end of June 2012, net customer loans increased by 2.1 percent to reach $4.1 billion, the bank reported while customer deposits grew by 3.5 percent to $13.3 billion. Byblos Bank added that it maintained high capitalization levels with a Basel III Capital Adequacy Ratio of 13.30 percent, one of the highest in the sector, versus a 12 percent minimum regulatory requirement. Byblos’ unaudited consolidated total assets stood at $16.6 billion as of the end of the June 2012 with primary liquidity amounting to $9.1 billion stood at 68.7 percent of total deposits. The latest data on Lebanon’s banking sector revealed that the total assets held by Lebanese commercial banks reached $144.86 billion at the end of May 2012, up by 8.07 percent from May 2011 and 3.05 percent from December 2011. Last week, Bank Audi reported that its net profits surged in the first six months of 2012 by 27.7 percent to $230.1 million thanks to the sale of 81 percent of its stake in LIA insurance while SGBL, another leading bank in Lebanon, recorded a net profit of $59 million, an increase of 29 percent compared to the same period last year. According to Central Bank Governor Riad Salameh, Lebanon has “liquid” foreign-currency assets of more than $32 billion and a stock of gold worth about $16 billion. Lebanese banks have been continuously attracting more deposits and gradually reducing their exposure to government debt. Moody’s changed its outlook on Lebanese banks to negative from stable in December, citing risks to economic growth due to “regional political uncertainty.” Credit to private businesses and consumers has exceeded $40 billion in 2012, while lending to the government stands at about $28 billion, extending a reversal that started in 2009 in how the country’s banks deploy funds. Lebanon’s debt stood at 134 percent of economic output at the end of October, and about 40 percent of it is denominated in foreign currency, according to the International Monetary Fund. The IMF has encouraged Lebanon to raise interest rates on T-bills to attract more investors and inject more cash into the country’s treasury. In line with an IMF recommendation, the yield on local-currency government debt has risen by 50 basis points since March. Dialy Star

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today byblos bank posts flat 80 mln firsthalf income Arab Today, arab today byblos bank posts flat 80 mln firsthalf income

 



Arab Today, arab today
Arab Today, arab today Fadi explains secrets of  Nancy Ajram's newlook

GMT 18:23 2017 Friday ,24 February

Fadi explains secrets of  Nancy Ajram's newlook
Arab Today, arab today Messi visit will contribute in tourism

GMT 14:04 2017 Friday ,24 February

Messi visit will contribute in tourism
Arab Today, arab today Expresses Algerian history by woody figures

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures
Arab Today, arab today Iran complying with nuclear deal

GMT 07:14 2017 Saturday ,25 February

Iran complying with nuclear deal
Arab Today, arab today Zainab al-Maliki reveals herTV presenter models

GMT 18:12 2017 Friday ,24 February

Zainab al-Maliki reveals herTV presenter models
View News in Arabic - Business: مصارف
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Actress Lobna Abdel Aziz proud of her career

GMT 06:08 2017 Thursday ,23 February

Actress Lobna Abdel Aziz proud of her career
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 07:36 2017 Wednesday ,22 February

Wafaa Amer is happy for Sherihan’s return

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 20:33 2017 Friday ,17 February

To release new antiques collection

GMT 10:20 2017 Thursday ,23 February

Brazil's top diplomat resigns

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday