October 26, 2017 / 5:12 PM / a year ago

UPDATE 1-Lebanon's Bank Audi says net profit to end-Q3 up 8 pct

(Adds further details)

BEIRUT, Oct 26 (Reuters) - Bank Audi’s net profits were up 8 percent in the first nine months of 2017 at $437 million, the Lebanese bank said on Thursday.

Excluding discontinued operations, the profit was $341 million.

At the end of September total lending stood at $17.2 billion, assets at $44.7 billion and customer deposits at $35.7 billion.

Audi said Lebanon’s economy was still “operating at way below potential output” and needed long-awaited administrative and fiscal reforms.

The bank said in the first eight months of the year deposits rose by $6.7 billion, which compared with a $5.5 billion increase in the same period last year.

Loans to the private residential market increased at the same pace as last year, a rise of around $1.8 billion. (Reporting by Lisa Barrington; Editing by David Evans, Greg Mahlich)

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