Egypt's FEC, TRAIN partner to support food exporters    Spot Gold, futures slips on Thursday, July 17th    Egypt's EHA, Huawei discuss enhanced digital health    Egypt expresses condolences to Iraq over fire tragedy    Egypt, Oman discuss environmental cooperation    Egypt's Environment Minister attends AMCEN conference in Nairobi    At London 'Egypt Day', Finance Minister outlines pro-investment policies    Sukari Gold Mine showcases successful public–private partnership: Minister of Petroleum    Egypt's FRA chief vows to reform business environment to boost investor confidence    Egyptian, Belarusian officials discuss drug registration, market access    Syria says it will defend its territory after Israeli strikes in Suwayda    Pakistan names Qatari royal as brand ambassador after 'Killer Mountain' climb    Health Ministry denies claims of meningitis-related deaths among siblings    Sri Lanka's expat remittances up in June '25    EU–US trade talks enter 'decisive phase', German politician says    Egypt's Health Min. discusses drug localisation with Sandoz    Needle-spiking attacks in France prompt government warning, public fear    Foreign, housing ministers discuss Egypt's role in African development push    Korea Culture Week in Egypt to blend K-Pop with traditional arts    Egypt, France FMs review Gaza ceasefire efforts, reconstruction    CIB finances Giza Pyramids Sound and Light Show redevelopment with EGP 963m loan    Greco-Roman tombs with hieroglyphic inscriptions discovered in Aswan    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    Egypt's Democratic Generation Party Evaluates 84 Candidates Ahead of Parliamentary Vote    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Cabinet approves establishment of national medical tourism council to boost healthcare sector    Egypt's PM follows up on Julius Nyerere dam project in Tanzania    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Lebanon's BLOM Bank posts 5.8 pct rise in H1 net
Published in Daily News Egypt on 31 - 07 - 2009

BEIRUT: Lebanon s BLOM Bank said on Friday its first-half net profit climbed 5.8 percent to $138.3 million compared with the same period of 2008 and predicted a rise for the full year.
Assets stood at $19.42 billion at the end of the half, 8.5 percent higher than that at the end of 2008, while deposits stood at $16.69 billion, up 10.4 percent.
We believe that there is going to be an improvement on the results of 2008. We are speaking about strong growth in assets and deposits and also an improvement in terms of profits, Saad Azhari, the bank s chairman and general manager, told Reuters.
BLOM Bank registered first-quarter net profit growth of 12.2 percent, after net profit in 2008 rose 23 percent.
The Lebanese banking sector was mostly protected from the global financial crisis due to conservative risk management and central bank regulations.
Lebanese banks reporting first-half results this week have attributed slower profit growth partly to the lower interest rates applied to their high foreign currency liquidity. The interest on the excess liquidity does not give you a high spread, Azhari said.
He said deposits at Lebanese banks had grown by $8 billion in the first half. There was an expectation that due to the financial crisis Lebanese living abroad would make less income and transfer less money but effectively we are seeing the opposite, he said. The money is continuing to flow.
The central bank in May forecast deposit growth across the sector of 12 percent for this year. Growth in bank deposits is seen as supportive of the borrowing needs of the Lebanese state, which is one of the most indebted in the world. The central bank has urged Lebanese banks to lend more in Lebanese pounds instead of dollars to reflect a shift in bank deposits from foreign currencies to the local currency.
The level of dollarisation has dropped in recent months to around 67 percent from 77 percent.
We are seeing more demand for lending in Lebanese pounds. We have stronger growth in lending in Lebanese pounds than dollars, Azhari said. BLOM Bank s net loans to customers stood at $3.6 billion at the end of the half compared to $3.5 billion at the end of 2008.
The loans have picked up strongly in the second quarter, Azhari said. He also said BLOM Bank s new investment company in Saudi Arabia had started operations in May and its new corporate bank in Qatar had begun functioning in July.
BLOM Bank s shares were 2.63 percent higher at $81.85 by 0829 GMT on Friday. The BLOM market index was down 0.02 percent at 1,471.692 points.


Clic here to read the story from its source.