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Lebanon’s SGBL sees net profit grow 29%

Lebanese lender, Société Générale de Banque au Liban (SGBL) has reported a 29% increase in net profit in the first six months of 2012 to $59m, compared with the previous year, The Daily Star has reported. "The acquisition of the Lebanese-Canadian Bank's assets and liabilities has helped us achieve these results, and we project profits to record an increase of 30% or more at the end of this year" SGBL Deputy General Manager Georges Saghbini told the daily. Total assets up to June rose by 64% to $10.9bn, while customer deposits jumped by 84% to more than $8bn.