April 27, 2014 / 5:37 PM / 4 years ago

UPDATE 1-Lebanon's Audi says Q1 net profit $85.8 mln

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

The bank said in a statement 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.

War in neighbouring Syria has spilled over into Lebanon and contributed to a sharp slowdown in the Lebanese economy over the last three years.

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.

The bank said its customer deposits grew by $1.2 billion to $32.3 billion from $31.1 billion at the end of December 2013, driven mainly by the Turkish subsidiary which registered a deposits growth of $1,178 million, and in Egypt. Its consolidated assets grew by $1.6 billion from December to reach $37.8 billion end of March.

“In parallel, assets of entities abroad reached $16.9 billion, corresponding to a share of 45 percent in consolidated assets,” it said.

Reporting by Mariam Karouny; Editing by Sophie Walker

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