Bank of Beirut’s net profits up by 19% to US$ 44.1 million in 2007
Bank of Beirut sal announced consolidated net profits of US$ 44.1 million in 2007, up by 19.0% year on- year. Total assets reached US$ 5.3 billion at year-end 2007, up by 13.9% from US$ 4.6 billion at year-end 2006.

Banque BEMO’s net profits at US$ 8.0 million in 2007

MEA ranks first in air passenger traffic in 2007 with a 35.7% market share

Zain’s net profits at US$ 1.1 billion in 2007

USJ signs cooperation agreement with Alexandria University

Fransabank launches the Ameen Loan

News about forthcoming Saudi deposit diffuses favorable mood in financial markets
A relaxed mood started to disseminate in Lebanese capital markets this week after the Kingdom of Saudi Arabia announced a plan to deposit an additional US$ 1 billion at the Central Bank, within the context of its persisting efforts to support the local monetary and financial situation, which will contribute to foster BDL’s capabilities and boost overall confidence in the financial system. The said deposit is the second for the Kingdom after a deposit of US$ 1 billion made after the Israeli attacks on Lebanon in July 2006. Under such conditions, the offer for the US Dollar persisted at the end of this week, after being demanded around mid-week, and the Central Bank intervened as a buyer of the greencurrency surpluses at LP 1,512.5. It is expected that the coming days will witness additional conversions in favor of the local currency, especially within the context of widening interest spreads that have made the LP saving deposits more attractive to market players. On the Eurobond market, Moody’s affirmed this week Lebanon’s sovereign ratings at B3 with a negative outlook, the same since November 2006, and declared that a downgrade is not imminent despite the ongoing political turmoil and poor economic performance. The international rating agency stated that the key factor that justifies maintaining Lebanon’s rating at B3 is the Central Bank’s large stock of foreign currency reserves that played a major role in protecting the currency peg in addition to the external support provided by donors.

--Source-- Bank Audi >> Full PDF


tags: economic report, lebanon, beirut, lebanese, weekly, week6, february 2008

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