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Lebanon’s Byblos Bank net profit flat in H1

Lebanon’s Byblos Bank said on Tuesday its first-half consolidated net profit rose 1.1 percent compared to the same period a year earlier

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Lebanon’s Byblos Bank said on Tuesday its first-half consolidated net profit rose 1.1 percent compared to the same period a year earlier.

Profit for the six months to June 30 was $70.1 million, the bank said in a statement, without giving a more detailed breakdown.

Byblos Bank is Lebanon’s third-largest bank by market capitalization, according to Reuters data.

The statement said the bank had “maintained its cautious strategy aiming at preserving asset quality and protecting shareholder value.”

Byblos Bank’s total assets were $19.2 billion and customer deposits were $15.9 billion, similar to figures given during the bank’s first-quarter results released in late April.