Banque BEMO posts 74% drop in Q3 income
- Lebanon: Thursday, November 01 - 2012 at 01:36
Lebanon-based Banque BEMO has said its third-quarter net profits dropped by nearly 74% to LL2.76bn ($1.83m) from LL10.53bn ($7m) in the same period of 2011, The Daily Star has reported. These profits include the share of the banks profit/loss of its Syrian associate bank, Banque Bemo Saudi Fransi, the lender said. "During the period and for conservative purposes BBSF booked provisions on its lending portfolio which resulted in these losses as of September 2012. However, the amount of provisions remains pending final approval of the regulatory authorities," the bank said. Total assets rose to LL2.35trn in the first nine months of this year from LL2.3trn in the same period of last year.
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