Lebanon’s Bank Audi says first-half profit rises 7 percent

BEIRUT - Reuters

Lebanon’s Bank Audi said first-half net profit rose seven percent to $202 million compared with the same period last year, mostly due to higher revenue and it recorded healthy growth in its Egypt and Turkey operations.

The bank said on July 23 consolidated assets were $42.3 billion at the end of June 2015, up $1.4 billion from the same period last year despite adverse political and economic conditions in the region.

Assets at its operations in Egypt and Turkey grew 18 and 13 percent respectively, along with a solid performance in Lebanon. Total revenue rose $55.4 million.

“The results confirm once again the Group’s ability to maintain favorable growth in activity and net earnings and reinforce further its financial standing,” the statement said.

The bank said it continued to adopt a stringent risk management policy of “maintaining good asset quality” to mitigate the impact of the Syrian crisis on Lebanon’s economy.

Shareholders equity reached $3.1 billion at the end of June 2015 with an adequacy ratio of 12.8 percent as compared to the 12 percent minimum regulatory requirement.