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Audi Bank net profit rises 15pc to $403m

BEIRUT, January 29, 2016

Audi Bank, Lebanon's biggest lender by assets, posted a 15 per cent rise in 2015 net profit to $403 million from the previous year due to improved performance in key regional markets and earnings growth in its domestic operations, it said on Thursday.
 
Consolidated assets rose by $2.1 billion during 2015 to $42.3 billion by the end of December, it said in a statement.
 
Audi Bank said the earnings rise was mainly due to consolidating its position in the domestic market, asset growth in its main foreign markets in Egypt and Turkey and private banking.
 
Lebanon's top banks have expanded in regional markets to offset a slowdown in domestic economic growth hurt by turmoil in neighbouring Syria and broader uncertainty in the Middle East.
 
Audi Bank said customer deposits grew three per cent in 2015 to reach a total of $35.6 billion at the end of December, of which 45 per cent came from entities outside Lebanon.
 
Its outstanding loans portfolio was $17.9 billion at the end of December, up 10.5 per cent in real-terms when taking into account exchange rate fluctuations. Sixty-five per cent of the loans were from its foreign operations, the bank said. - Reuters



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