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BBAC posts profit rise of almost 41 percent.

Byline: Daily Star Staff

Summary: Bank of Beirut and the Arab Countries (BBAC) posted net profits of $14.9 million in the first half of 2008, up by 40.8 percent from $10.6 million in the first half of 2007. Net interest margin decreased by 4.4 percent to $ 22.6 million, while non-interest income rose from $5.2 million to $ 12.9 million year-on-year.

BEIRUT: Bank of Beirut and the Arab Countries (BBAC) posted net profits of $14.9 million in the first half of 2008, up by 40.8 percent from $10.6 million in the first half of 2007. Net interest margin decreased by 4.4 percent to $ 22.6 million, while non-interest income rose from $5.2 million to $ 12.9 million year-on-year. Subsequently, net financial income increased by 22.7 percent to $35.4 million over the same period. General operating expenses increased by 12.6 percent to $17.8 million, due to a decrease of 0.5 percent in staff expenses and a rise of 33.6 in other operating expenses. The bank's cost to-income ratio stood at 52.5 percent in the first half of 2008. Total assets reached $3.0 billion at end-June 2008, up by 3.2 percent year-to-June. Customer deposits totaled $2.6 billion, up by 5.1 percent from $2.5 billion at year-end 2007. Loans reached $581.8 million at end-June 2008, up by 17.7 percent from $494.2 million at year-end 2007. - The Daily Star

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Publication:The Daily Star (Beirut, Lebanon)
Article Type:Financial report
Date:Sep 26, 2008
Words:266
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