Audi Bank reports 14% increase in nine-month net profit
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Audi Bank reports 14% increase in nine-month net profit

Audi Bank reports 14% increase in nine-month net profit

Lebanese lender Audi Bank has said its nine-month net profit rose 14% to $309m, despite the "unfavourable economic conditions" in Lebanon, the Middle East and North Africa, Reuters has reported. Consolidated assets stood at $29.2bn, compared with $28.7bn at the start of the year, although the bank's Syrian subsidiary has suffered a sharp contraction in assets to a third of their level before the start of the uprising in the country. Meanwhile, the bank said its fully-owned Turkish subsidiary, Odeabank, obtained an operating licence last month and is expected to open its first five branches in Istanbul and two more in Ankara and Izmir before the end of the year.

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