BEIRUT: Lebanon’s BLOM Bank posted first-half net profit of $163.56 million, up 4.6 percent compared with same period last year.
BLOM, one of the top banks in Lebanon, said in a statement on Monday its total assets for the first half of 2011 went up 7.44 percent to $23.11 billion and deposits rose around 10 percent to $20.45 billion.
"The results showed BLOM Bank’s continued track record of strong profitability and growth amid a climate of regional instability and economic slowdown," it said.
The bank said it faced a "difficult operating environment" in Lebanon and in some of its entities in the region.
The bank has a presence in 12 countries including Syria where President Bashar Al-Assad is facing a revolt against his 11-year rule. Human rights groups say the security forces have killed at least 1,400 civilians since the protests erupted in March.
It also operates in Egypt, where a popular uprising toppled President Hosni Mubarak in February. Lebanon’s banking sector, one of the cornerstones of economic growth, emerged unscathed from the financial crisis due to conservative policies by the central bank which prohibited exposure to risky instruments.
