Top Lebanese bank Audi profit up 14pc
Beirut, October 20, 2012
Lebanese lender Audi Bank said it has registered a 14 per cent rise in its net profit for the nine months which hit $309 million, despite what it said were unfavourable economic conditions in Lebanon and the Mena region.
Consolidated assets stood at $29.2 billion, compared with $28.7 billion at the start of the year, even though the bank's Syrian subsidiary has suffered a sharp contraction in assets to a third of their level before the start of the uprising in the country.
Lebanese banks have been hit by a slowdown in domestic economic growth, turmoil in neighbouring Syria and broader uncertainty in the Middle East after uprisings swept the region.
The bank said that its fully-owned Turkish subsidiary, Odeabank, obtained an operating licence last month and expected to open its first five branches in Istanbul and two more in Ankara and Izmir before the end of the year.
"Banking activities in Turkey are expected to constitute one of the main pillars of growth for the group in the coming years," it said in a statement.
Bank Audi shares closed up 0.4 per cent on Thursday at $5.52.-Reuters
More Finance & Capital Market Stories
- Oman 'must consider fiscal reforms as priority'
- Qatar Exchange to start trading govt bonds
- NBK opens new branch in UAE
- Dubai utility repays $871m Islamic bond
- Investcorp buys stake in Saudi energy firm
- Tunisia to spend over $1bn to recapitalise banks
- UAE revives proposal to merge stock exchanges
- Saudi non oil exports hit $4.74bn in April
- Global Takaful market to hit $20bn
- NBAD launches new Dubai branch