Lebanon’s BankMed posts 1% growth in 2013 income
Lebanese lender, BankMed has said it has maintained double-digit growth in deposits and total assets in 2013, despite an overall economic slowdown that saw net profit almost flatten due to the conservative management strategy of allocating an additional $35m in general provisions, The Daily Star has reported. Customer deposits grew 12% to reach $10.3bn at of the end of December 2013, and the customer loan portfolio expanded by 7% to $4.3bn, while consolidated net profit grew year on year by 1% to $128.1m. The bank also decided to increase its general provisions by $35m to $140m, rather than post higher profits, BankMed said. By the end of December 2013, BankMed’s total assets saw a 10% growth to hit $13.8bn.