SGBL net profits increase by 18 percent
Bank’s equity rises to more than $1 billion
Société Generale de Banque au Liban (SGBL) grew its 2013 net profits by 18 percent relative to 2012, up to $137 million. “These results stem from an overall good performance of the commercial business lines and of the Group’s affiliates, particularly the bank in Jordan (SGBJ) and the life insurance company (Sogecap Liban),” said the bank.
The bank grew its total assets by 15 percent to $13 billion and reported growth in customer deposits of 13 percent, to $10.16 billion.
The bank’s equity increased by 43 percent over the year, and reached $1.022 billion. “These result from the consecutive increases of the bank’s capital operated during 2013, which allowed the bank’s capital adequacy ratio to reach 11.18 percent,” said the bank’s statement.
SGBL is part of the French-based Société Générale that operates in 76 countries, and offers different banking services in retail, corporate banking and private banking.
SGBL Group operates a regional network of 90 branches with 1,775 staff members, as of the end of 2013.
Reported by Joelle Nassar
Date Posted: Feb 05, 2014