| 09 Feb 2010 |
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Lebanese commercial banks' assets reach $115 billion at end of 2009
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09 February 2010
BEIRUT: The consolidated balance sheet of commercial banks operating in Lebanon shows that total assets reached $115.2 billion at the end of 2009, up 22.3 percent from the end of 2008, as reported by Lebanon This Week, the economic publication of the Byblos Bank Group. Private sector deposits totaled $95.8 billion, up 23.1 percent from the end of 2008.
Deposits in Lebanese pounds rose by 43.6 percent, while deposits in foreign currencies increased by 14.1 percent from the end of 2008. In parallel, deposits of non-resident banks reached $4.6 billion, up 6.9 percent from the end of 2008.
The dollarization rate of deposits reached 64.5 percent at the end of 2009, down from 69.6 percent at the end of 2008.
Further, the average deposit rate in Lebanese pounds reached 6.75 percent compared to 7.22 percent a year earlier, while the same rate in US dollars was 3.05 percent, down from 3.33 percent in December 2008.
Loans to the private sector amounted to $28.4 billion, up 13.3 percent from end-2008.
Non-resident foreign currency loans reached $4.1 billion at the end of December 2009, rising by 3.5 percent from the end of 2008. The dollarization rate in private sector lending reached 84 percent compared to 86.6 percent at the end of 2008.
The average lending rate in Lebanese pounds was 9.04 percent in December 2009 compared to 9.95 percent a year earlier, while the same average in US dollars was 7.28 percent compared to 7.47 percent in December 2008.
Claims on the public sector stood at $29.1 billion, up 14.3 percent from the end of 2008, and accounted for 50.6 percent of the banking sector’s total loans but for just 25.2 percent of the sector’s asset base.
The ratio of private sector loans-to-deposits in foreign currencies stood at 38.6 percent, below the Central Bank’s limit of 70 percent, and down from 40.1 percent a year earlier. In parallel, the same ratio in Lebanese pounds was 13.3 percent compared to 14.2 percent a year earlier. The ratio of total private sector loans to deposits stood at 29.6 percent, down from 32.2 percent a year earlier. The banks’ aggregate capital base stood at $7.94 billion, up 11.9 percent from the end of 2008.
In parallel, financial results issued by five Beirut Stock Exchange-listed banks show their aggregate net profits reached $812.6 million in 2009, a rise of 18.5 percent from $685.4 million in 2008.
The average growth of the net profits of the five banks reached 16.4 percent in 2009, constituting an increase from the average growth in net profits of 11.8 percent in the first three quarters of 2009, and a slowdown from the average growth in net profits of 22.6 percent in 2008.
The aggregate net interest income of the five banks reached $1.2 billion in 2009, up 1.1 percent from 2008, while their total net fees and commission income increased by 7.7 percent to $354 year-on-year.
Total operating income of the listed banks reached $1.9 billion in 2009, up 9.8 percent from $1.7 billion in 2008. Further, the aggregate assets of the five banks rose by 22.8 percent from the end of 2008 to $68.9billion, while their total loans, excluding loans to related parties, increased by 13.6 percent from the end of 2008 to $15.9 billion.
Also, the banks’ deposits increased by 25.3 percent from the end of 2008 to $56.5 billion.
BLOM Bank posted the lowest loans-to-deposit ratio at 22.6 percent compared to 23 percent at the end of 2008, followed by Bank Audi with a ratio of 28.8 percent relative to 34.8 percent at the of end 2008, Byblos Bank with 31.3 percent from 33.5 percent a year earlier, Bank of Beirut with 35.4 percent from 35.9 percent a year earlier, and Banque Bemo with a 41.9 percent ratio compared to 50.7 percent at the end of 2008.
BLOM Bank had the lowest cost-to-income ratio at 43 percent, unchanged from the previous year. It was followed by Byblos Bank with 46.8 percent, down from 47.3 percent in 2008, Bank Audi with a 48.8 percent ratio compared to 54.9 percent in 2008, Bank of Beirut with a 51.1 percent ratio relative to 49.9 percent in 2008, and Banque Bemo with a 71.9 percent ratio relative to 71.5 percent in 2008. – The Daily Star
© Copyright The Daily Star 2010.
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