Byblos Bank net profits fall by 8.57 percent !
Byblos Bank’s net profits fell by 8.57 percent in the third quarter of this year to LL66.5 billion ($44.3 million) compared to the same period of last year. However, the net profit for the nine months ended September 2011 increased 6.2 percent to LL193.05 billion year on year.
Net profit for the nine months ended Sept. 30 increased to $128.1 million as compared to $120.6 million for the same period in 2010.
Cost-to-income decreased considerably to 47.43 percent for the nine months ended Sept. 30, 2011, compared to 48.88 percent for the same period in 2010,” Byblos said.
Byblos Bank’s unaudited consolidated total assets increased by 9 percent ($1.4 billion) during the first nine months to $16.7 billion, as compared to $15.3 billion at the end of 2010.
Customers’ deposits increased during the first nine months of 2011 by 7 percent ($0.8 billion) to $12.7 billion as of Sept. 30, 2011 (9.8 percent year-on-year increase), and net customers’ loans increased by 5.4 percent ($0.2 billion) during the first nine months of 2011 to $4.0 billion as of Sept.30, 2011 (12.7 percent year-on-year increase).
The statement added that Byblos Bank continued to maintain high immediate liquidity ratio, which stood at 48.6 percent.
Capital Adequacy Ratio according to Basel II stood at 14 percent.
Gross Non Performing Loans represented 2.21 percent of gross loans as of Sept. 30, 2011, and were covered up to 162 percent by provisions (specific and collective).
Byblos was the last bank listed on the bourse to release its results.
The bank is still seen as one of the key players in the banking sector in the country despite the sluggish economic performance and the turmoil engulfing most Arab countries.
Most Lebanese banks have seen slowing growth in profits in the first nine months of 2011 and economists stressed this was a natural outcome given the negative political and economic picture in the region.
Source: The Daily Star