April 29, 2014 / 3:57 PM / 4 years ago

UPDATE 1-Lebanon's Blom Bank Q1 net profit flat at $87.5 mln

BEIRUT, April 29 (Reuters) - Lebanon’s Blom Bank reported first-quarter net profit of $87.5 million on Tuesday, up just 0.46 percent on the same period last year.

Blom said the flat profits came amid “unstable economic and political conditions” in Lebanon, which has suffered from the impact of civil war in neighbouring Syria.

The bank said its assets rose by 6.4 percent to $26.7 billion, while deposits rose 5.6 percent to $23 billion.

Loans rose by 9.2 percent to $2.45 billion, the bank said.

Lebanon’s economic growth has fallen from an average of 8 percent in the four years preceding Syria’s conflict, which erupted in March 2011.

Since then it has fallen to between 1 and 2 percent, hit by violence, political instability and falling tourism revenues. Finance Minister Ali Hassan Khalil predicted 2014 growth on Tuesday would be between 1.5 and 2.0 percent. (Reporting by Dominic Evans, editing by William Hardy)

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