|Banks : results 2001.
|The beginning of the year is the proper period to study the results of the leading financial establishments. The results of Lebabnese banks for the past year are awaited since the sector is a motor for the economy. And due to a troubled international environment.
As we know, the Lebanese economy is going through difficult times but the banking sector traditionnally keeps the haed above the water in a country that plays a role of financial hub in the region.
The attacks against America during the third trimester, and above this, the threats on Arabs funds placed in financial places abroad, could have reinforced the shlter-role of Lebanese banks.
In repeated statements, US president declared that the war will take time and that its financial aspect will not be neglected.
In this framework, it is still early to foresee the measurable effects of this after september 11th's policy. However, the world's economy, and US economy in particular, is showing positive signs which should lead Mr Bush's financial services to a little less vigilance, American companies are the first to take advantage of it, Emron can be shown as an example.
The impact on the Lebanese banking sector could then be limited, the recebtly published results of some leading banks are confirming this statement.
Banque Audi, ranking in the top five of Lebanese banks, announced a net profit of 34,5 millions dollars in 2001, reprÃ©senting 1% increase compared to 2000. Banque du Liban et d'Outre-Mer, the largest Lebanese based bank stated 80 millions dollars net profit for 2001, an increase of 2%. Byblos bank annouced 4.6 decrease and 44 million dollars net profit.The decrease for the whole sector is expected to reach 2%.