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Lebanese banks optimistic over 2013 prospects
- Lebanon: Wednesday, March 06 - 2013 at 04:42
Lebanon's Association of Banks has said that local lenders are expected to continue to maintain steady profits this year, despite the difficult environment in the country and the Middle East, The Daily Star has reported. The president of the association, Joseph Torbey said the country's banks are still liquid and had huge assets that exceeded the country's GDP. "Those of you who have observed Lebanon closely over the years know just how big a role the banking sector plays in our country. We are truly the engine of growth, with a balance sheet of $152bn at the end of 2012, nearing 3.5 times the GDP estimated at $43bn by the IMF," Torbey said.
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