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Bank Audi reports lower 2013 earnings

February 3, 2014 9:21 am

Lebanon’s Bank Audi has posted a 16% drop in net profits 2013 to $301m, due to the bank’s expansion into the Turkish market, The Daily Star has reported. Full-year net earnings reached $305m, compared with $361m in 2012 before the exceptional profits related to discontinued operations, the lender said. Earnings then decreased by 15.6%, mainly due to the initial launching stages of the Turkish banking subsidiary, whose network comprises 31 branches with the subsequent normal time lag between immediate operating expenses and expected revenues, Bank Audi added.