Beirut: Lebanon's BLC Bank, part of the Fransabank group, said Monday said its consolidated net profit advanced 28 per cent to $32.8 million (Dh120.3 million) in the first nine months from $25.6 million in the year earlier period.
The nine-month profit before taxes climbed 33 per cent to $38.3 million from $28.7 million, the lender said in a statement.
"This reflects the bank's success in controlling costs, increasing employee productivity, and the introduction of innovative products and clients solutions," BLC Bank said. Total assets stood at more than $3 billion at the end of September, up 16 per cent from $2.59 billion a year ago while total deposits rose 10 per cent over the same period to $2.49 billion from $2.27 billion.
BLC Bank said it thus has bolstered its ranking among the local Alfa group of banks, as its deposits continue to exceed the required threshold of $2 billion.
The bank's portfolio of performing loans soared 36 per cent to $608 million at the end of September from $447 million a year earlier "as a result of increased lending activity in retail and corporate banking," the lender said.
BLC Bank, which is listed on the Beirut bourse, said its return on average assets rose to 1.56per cent at the end of September from 1.52 per cent a year earlier.
