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Lebanon's Audi says Q1 net profit $85.8 mln
April 27, 2014 / 5:11 PM / 4 years ago

Lebanon's Audi says Q1 net profit $85.8 mln

BEIRUT, April 27 (Reuters) - Lebanon’s Bank Audi reported first quarter net profit of $85.8 million on Sunday, the same level as the year-ago period.

The bank said in a statement that its net profit was driven by 12.2 percent growth in total income but that it had put aside $20.1 million of net loan loss provisions.

Last year the bank’s Q1 net profit dropped by 9.5 percent to $85.5 million weighed down by the costs of launching the Turkish subsidiary Odeabank.

Reporting by Mariam Karouny; Editing by Sophie Walker

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