BLF’s profits rise

Higher provisions for doubtful loans

Banque Libano-Française (BLF) reported a 40 percent yearly increase in net profits in 2012 to $88 million. Total operating income grew by 24 percent to $241 million, while operating expenses were almost unchanged at $112.7 million.

The bank allocated provisions against doubtful loans worth $30.8 million, compared to $6.4 million in 2011. BLF has operations in Syria through its subsidiary Sharq Bank.
Net interest income was up by around 28 percent to $168.4 million. Income from fees and commissions were down by five percent to $38.4 million.

At end-2012 BLF’s assets stood at $10.5 billion, up by three percent year-on-year. Loans to customers were almost unchanged at $3.4 billion. Customers’ deposits amounted to $9.1 billion, up by three percent. Shareholders’ equity grew by five percent to $841 million.