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Bank Audi net profit up 19% as it seeks Mena expansion

23 October 2010

Lebanon's Bank Audi has announced a 19% increase in net profit for the first nine months of 2010 to $253.4m, Reuters has reported. Consolidated deposits grew by $1.2bn to $24.2bn, the lender said. The bank, which is seeking to expand operations in the Middle East and North Africa, said the results "confirm the ability of the group to pursue its regional expansion strategy." Operations outside Lebanon - primarily Egypt, Syria and Jordan - contributed a proportionally higher increase in profits, chief financial officer, Freddie Baz told the news service.

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