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Lebanon’s BankMed posts 13.9% rise in Q1 profit

Lebanese lender BankMed has said its consolidated net profits in the first quarter of 2012 rose 13.9% to $29.1m, compared with $25.5m in the same period of last year, The Daily Star has reported. Net interest income grew by 16.2% annually from $53m in the first quarter of 2011 to $61.6m in the same period of this year, while net fees and commission income went up by 12.7% year-on-year to reach $14.7m. Total operating expenses increased by 26.2% annually from $50m in the first three months of 2011 to $63.1m in the first three months of 2012, of which staff expenses amounting to $36.1m, up by 59.8% year-on-year, BankMed said.