Bank of Beirut Profit Rises 8.5%

Bank of Beirut reported an 8.54 percent year-on-year increase in net profits at the end of the first quarter of 2012.

The bank’s unaudited financial statements showed that profits reached $21.89 million, up from $20.16 million during the same period last year.

The bank’s net interest income was up by 29.47 percent to $35.09 million. Net commission income increased to $18.51 million and net operating income firmed at $62.67 million.

On the balance sheet front, Bank of Beirut’s total assets expanded by 5.22 percent annually to around $9.56 billion, up from $9.09 billion in the first quarter of 2011.

Customer deposits came in 9.85 percent higher at $7.42 billion, with net loans and advances surpassing the $3.30 billion mark, The Daily Star reported.