Bloomberg News

Lebanese Bank Profits Set to Fall, Bassil Tells Daily Star

July 17, 2012

Lebanese bank profits will drop by 5 percent to 10 percent this year because of the turmoil in Syria and local political tensions, Francois Bassil, the chairman of Byblos Bank, told the Daily Star.

Some leading lenders saw profits fall in the first quarter, Bassil told the newspaper. He said most banks have increased provisions for non-performing loans since the crisis in Syria began in March last year.

To contact the reporter on this story: Donna Abu-Nasr in Beirut at dabunasr@bloomberg.net

To contact the editor responsible for this story: Andrew J. Barden at barden@bloomberg.net


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