Dec 03 2010 |
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Lebanese bank loans see unprecedented growth
03 December 2010
BEIRUT: Bank lending activity in the first 10 months of this year has seen a remarkable increase on last year.
According to
Bank Audi
, this high lending activity since the beginning of this year reflects both the large financial flexibility of Lebanese banks, and the vigorous economic activity that stimulated high domestic lending.
It added that total deposits, accounting for as much as 82.3 percent of the total balance sheet as at end-October 2010, continued to be a major driver of banking sector activity, growing by 8.8 percent over the first 10 months to reach $104.2 billion at end-October 2010.
Audi
said that financially solid Lebanese banks had somehow benefited from the global crisis spillovers on peer banking sectors around the world in 2009, which saw depositors increasingly seek safe banking havens.
“This mirrors the buoyant economic activity in Lebanon this year and the Lebanese banks’ ability to match growing domestic demand for credit, with the $6 billion growth in bank loans extended to the private sector so far in 2010 as much as 80.5 percent higher than that of the full-year 2009,”
Audi
said.
It added that such results could be attributed to the noticeable financial flexibility of Lebanese banks (highly liquid deposit rich banks with low leverage) at a time when peer banking sectors across the world are still witnessing subdued lending activity. The new loans are mostly targeted at the resident private sector in a fast growing economy, accounting for 85.3 percent of total loan growth in the first ten months of 2010 (the equivalent of a $5.1 billion increase). – The Daily Star
© Copyright The Daily Star 2010.
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