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Blom Bank Says 2011 Profit Rose on Increase in Lending

Blom Bank SAL (BLOM), the largest Lebanese lender by profit, said 2011 profit increased 0.3 percent from the previous year on a growth in lending.

Net income rose to $331.5 million, the Beirut-based bank said in an e-mailed statement.

The results “confirm Blom Bank’s strong and balanced performance at a time of political tensions and disturbances in the region, coinciding with a debt crises and economic slowdown at the global level,” the bank said in the statement.

A revolt against Syrian President Bashar al-Assad broke in March amid popular movements that toppled leaders in Tunisia, Egypt and Libya, while forcing Yemen’s President Ali Abdullah Saleh to agree to cede power. The Beirut-based bank operates branches outside Lebanon including in Syria and Egypt.

Total assets increased 3.7 percent to $23.2 billion. Deposits rose 3.5 percent to $20.3 billion and loans advanced 8 percent to $5.6 billion, according to the bank.

To contact the reporter on this story: Massoud A. Derhally in Beirut, Lebanon at mderhally@bloomberg.net.

To contact the editors responsible for this story: Andrew J. Barden at barden@bloomberg.net

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