Lebanese banks expected to see rise in profits

June 4, 2014 1:51 am

Lebanon’ central bank has profits of Lebanese lenders are expected to witness modest growth in 2014, despite the difficult political and economic conditions and the growing talk of higher taxes on lenders, The Daily Star has reported. “The banking sector was and is still sound,” central bank governor, Riad Salameh told Arabic Al-Mustaqbal daily. “The banks’ assets up to March 2014 have exceeded $166bn, while customer deposits in 2013 have grown by more than 8% to reach $143bn,” he added. “The reason why the banks did not make higher profits is because we asked them to increase the provisions in the countries with increased risks,” Salameh noted.