Complex Made Simple

Lebanon lenders expect profit dip

François Bassil, chairman of Lebanon's Byblos Bank has said the combined net profits of the country's banking sector is expected to drop by 5-10% at the end of 2012, due to political bickering and the volatile situation in neighbouring Syria, The Daily Star has reported. "Our growth in assets and deposits will be close to 8% this year ... close to last year's figures. However, the net profits for all commercial banks may fall by 5-8% if the economy and political situation continue to deteriorate," Bassil told the daily.