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Audi net profit increases in first six months of 2012

Lebanese lender, Bank Audi has posted a 27.7% jump in net profits in the first six months of 2012 to $230.1m, thanks to the sale of 81% of its stake in LIA insurance, The Daily Star has reported. The bank said that it sold the assets to disinvest from the underwriting insurance business following new regulatory constraints, which "have become increasingly restrictive, especially when it comes to computing capital adequacy ratios," Bank Audi said. "Nonetheless, Bank Audi will continue to offer to its customers the range of LIA's bancassurance products," it said.