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Lebanese banks in Syria post 45.8% drop in profits
- Lebanon: Sunday, March 03 - 2013 at 05:03
Lebanese lenders operating in Syria have reported a 45.8% decline in in net profits to $13.8m last year, an indication that the turmoil in the neighbouring country is having a negative impact on most sectors of the Lebanese economy, The Daily Star has reported. The large decrease in net income was mainly attributed to a 92% decline in the profits of Bank of Syria & Overseas, a 97% drop in those of Syria Gulf Bank, a 94.7% drop in those of Byblos Bank Syria, a 95.1% decrease in those of Bank Audi Syria, a 62.1% contraction in those of Fransabank Syria and a 13.4% decrease in those of Banque BEMO Saudi Fransi, the report said. Despite the fall in profits and the chaotic situation in Syria, nearly all of the Lebanese banks operating in the country ruled out plans to liquidate their presence there or to sell their shares to other investors.
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