Bank of Beirut 2011 profits up by 2.6 pct from 2010

The Bank of Beirut announced consolidated net profits of $103.4 million in 2011, up by 2.6 percent from $100.8 million in 2010. Net interest income stood at $123.5 million in 2011, down by 14.7 percent from $144.9 million in 2010, while net commission income increased from $51.7 million in 2010 to $64.3 million in 2011. Net operating income amounted to $250.1 million in 2011, versus $224.3 million in 2010. Total assets reached $9.7 billion at year-end in 2011, up by 21.7 percent from $8.0 billion at year-end in 2010. Loans to customers increased by 41.5 percent to reach $3.3 billion in 2011, from $2.3 billion in 2010, while customer deposits amounted to $7.5 billion in 2011, up by 26.6 percent from $5.9 billion in 2010. Shareholders’ equity amounted to $1 billion at in 2011, up by 15.3 percent from $908.9 million in 2010.   Beirut - The Daily star