BEMO profits down. Provisions increased by 60 percent - Lebanon

BEMO profits down
Provisions increased by 60 percent
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Bank BEMO posted a 20 percent drop in net profit in 2012, down to around $5 million. The bank's total assets stood at $1.47 billion, down from $1.53 billion at end-2011.

Customer deposits and loans to customers grew by nine percent each to $1.2 billion and $600 million respectively. Bank BEMO has a significant presence in Syria through its subsidiary Banque BEMO Saudi Fransi. The bank took higher provisions of $3.2 million in 2012.

Reported by Hanadi Chami
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Date Posted: Feb 08, 2013