BankMed posts US$ 40.2 million in year 2007 net profits
BankMed sal, one of Lebanon’s top ten banks, posted net profits of US$ 40.2 million for the year 2007, up from US$ 3.2 million in the previous year.

Byblos Bank increases capital by 2.9% to LP 508.96 billion

Bank of Beirut distributes profits to preferred shareholders

Solidere International considers projects in Turkey, Oman, Egypt, and North Africa

Investors in Lebanese financial markets maintain a wait-and-see attitude
Lebanese financial markets remained stagnant this week, as market players adopted a wait-and-see attitude until the local political and security conditions unfold, particularly within the context of advices provided by the Kingdom of Saudi Arabia and Kuwait to their citizens to avoid traveling to Lebanon. Under such circumstances, the Beirut Stock Exchange reported a tiny activity with the total trading value amounting to US$ 13.4 million versus US$ 8.2 million last week. The price index barely moved up by 0.08% to 146.42, while the trading index increased by 31.2% to 142.9. Likewise, the Eurobond market witnessed a calm mood this week, with both supply and demand forces remaining absent. However, prices reported some improvement as reflected by a decline in the average yield by ten basis points to 7.97%. The average spread shrank by 16 basis points to reach 526 basis points due to a decrease in Lebanese yields and an increase in benchmark yields. As to the foreign exchange market, the US Dollar remained on offer this week at adequate volumes that were equivalent to those reported last week. The Central Bank intervened as a buyer of the green currency surpluses at LP 1,512.5, while commercial banks traded the US Dollar at a rate hovering between LP 1,512.5 and LP 1,513.5. Within this context, the Central Bank’s latest bi-monthly balance sheet ending February 15 shows an increase in foreign assets of US$ 474 million to reach US$ 12.7 billion, mainly due to a rise in commercial banks’ deposits of US$ 445 million. The Central Bank’s foreign assets covered 76.3% of LP money supply at mid-week and 8.5 months of imports, which points out the Bank’s persisting ability to defend the currency peg and meet demand for foreign currencies.


--Source-- Bank Audi >> Full PDF


tags: economic report, lebanon, beirut, lebanese, weekly, week 8, february 2008, bank audi

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