Byblos Bank in a statement today has reported a net profit of $113.7 million for the first nine months of 2016, up from $113.1 million in the same period of last year.
The Bank's total assets grew by 3.5 per cent ($703 million) to $20,572 million, while customer deposits increased by 3.2 per cent (+ $535 million) to $17.172 million, and net customer loans grew by 4.2 per cent (+ $207 million) to $5.138 million.
These results reconfirm Byblos Bank's ability to navigate challenging local and regional economic conditions. The Bank maintained its focus on avoiding taking unnecessary risks while maintaining strong asset quality and a well-diversified loan portfolio. This strategy enabled Byblos Bank to capitalise on its financial strength and successfully complete the acquisition of Banque Pharaon & Chiha, as per the final approval of Banque du Liban on the operation on 19 October 2016.
Byblos Bank continues its policy of strict provisioning against possible loan losses (with a coverage ratio exceeding 100 per cent) and against other unforeseen risks. In addition, the Bank's Basel III capital adequacy ratio of 16.3 per cent continues to be far above the current regulatory requirement of 12 per cent.
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