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FINANCIAL NEWS
Bank Audi profit rises by 65% in H1
30 Jul 2017
(MENAFN) Reports showed that the sale of Bank Audi’s technology and electronic payment arm to Mikati group has pushed the bank’s net profit by about 65.58% to reach USD308 million in the January-June period.
In specific, M1 Financial Technologies Holding affiliated to M1 Group (Mikati Group) posted it has bought Areeba Card and Electronic Payment processing company from Bank Audi which worth near USD95 million.
The Lebanese bank announced “Excluding those exceptional net profits, Bank Audi would be achieving in the first half of 2017 net profits of $213 million as compared to $202 million in the corresponding period of 2016. This growth stems primarily from Odea Bank and the Private Banking entities, while Lebanese entities sustained the same net profits as in the corresponding period of last year.”
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MENAFN3007201700450000ID1095670617
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