Syrian affiliates of local banks downsizing
Aggregate net profits up despite turmoil
The aggregate assets of the affiliates of seven Lebanese banks operating in Syria reached $3.3 billion at the end of the first nine months of 2013, constituting an increase of more than 49 percent from end-2012, according to results issued by these banks through the Syrian Commission on Financial Markets & Securities.
Aggregate net profits of these banks, including Bank Audi Syria, Bank of Syria & Overseas, Byblos Bank Syria, Bank BEMO Saudi Fransi, Fransabank Syria, Sharq Bank, and Syria Gulf Bank, exceeded $78 million at end-September, up from $7.7 million in the same period of last year. However, these results take into account the big modification in exchange rates of the Syrian Lira between the two periods.
Bank BEMO Saudi Fransi registered the highest profits among all seven banks, followed by Fransabank Syria, Bank Audi Syria, Sharq Bank, Bank of Syria & Overseas, Byblos Bank Syria, and Syria Gulf Bank.
Net loans and advances reached $680 million at end-September 2013, down from $1.4 billion at end-2012. Customer deposits reached $2.3 billion, down from $2.9 billion at end-2012.
Reported by Leila Rahbani
Date Posted: Nov 18, 2013