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Despite Bank of Lebanon engineering, which is making huge profits for banks, they are seeing a sharp drop in profits, mainly due to lower lending to the private sector and higher interest rates. deposits. According to figures announced for the six banks listed on the Beirut Stock Exchange, namely Bank Audi, BLOM BANK, Byblos Bank, Bank of Beirut, BIMO Bank and the Lebanese Commercial Bank, the profits recorded in the first half of this year are the same. amount to $ 636.3 million compared to $ 682.8 million. Its loans decreased by 6.8%, while its loans decreased by 7.8%.
Bank profits in the first half of this year were: $ 250.3 million for Bank Audi, down 5.6%, $ 238.6 million for BLOM BANK, down 2%, and 65, $ 8 million for Bank of Beirut, down 16% and 59% $ 8 million for Byblos Bank, down 10.5%, $ 12.4 million for Libanese Commercial Bank, down 36, 2% and $ 8.9 million for Bemo Bank, up 10%.
According to the statements of banks announced on the Beirut Stock Exchange for the period from January 1 to the end of June 2019, the badets of the six banks increased by 1.8% to $ 136.16 billion against , 76 billion at the end of 2018. This increase, according to the monthly bulletin of the Lebanese Bank, is a result of increase of the balance of the fund and investments in the Central Bank of Lebanon by 10.83% to reach 61.85 billion of dollars.
In contrast, the value of loans to the private sector declined 7.8% to $ 31.48 billion. The Bank of Beirut recorded the largest decline of 9.62% in loans to the private sector, followed by Bank Audi with a decline of 8.69%, followed by BLOM Bank with a decline of 8.6%. Byblos Bank declined by 6.85%, 7.07%, Byblos Bank by 5.68% and the Lebanese Commercial Bank by 5.17%.
In contrast, deposits from these banks increased by 0.05% to $ 96 billion, while private funds decreased by 1.66% to $ 11.43 billion.
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