Lebanon’s Byblos reports 6% drop in profits

February 1, 2014 12:51 am

Lebanon’s Byblos Bank has reported a 6% decline in net profit last year to $157.1m, reflecting the economic stagnation in a country marred by political paralysis and feeling the effects of Syria’s war, Reuters has reported. Provisions for credit losses reached $57.3m, which accounted for some of the drop in net profit, the lender said. Total assets stood at $18.5bn, customer deposits increased by 10.2% to $14.7bn and net customer loans rose by 9.5% to $4.5bn, Byblos said.