Lebanese BankMed’s consolidated net profit increased to $29.1 million in the first quarter of 2012, up by 13.9% from $25.5 million in the same period of last year.
Net interest income rose by 16.2% annually from $53 million in the first quarter of 2011 to $61.6 million in the same period of this year, while net fees and commission income went up by 12.7% year-on-year to reach $14.7 million in the aforementioned period of 2012.
Subsequently, total operating income amounted to $108.1 million in the first quarter of 2012, up by 41.4% from $76.5 million in the first quarter of 2011.
Total operating expenses increased by 26.2% annually from $50.0 million in the first three months of 2011 to $63.1 million in the first three months of 2012, of which staff expenses amounting to $36.1 million, up by 59.8% year-on-year.
The bank’s cost-to-income ratio improved from 65.3% in the first quarter of 2011 to 58.3% in the same period of this year, the Daily Star reported.
