April 30, 2009

CFO Baz sees deposit growth continuing through '09 * New deposits from non-residents above Q1 average * Q1 deposit growth in banking sector seen at $2.7 bln By Tom Perry BEIRUT, April 30 (Reuters) - Deposit growth which helped Lebanon's Bank Audi post a double-digit net profit increase in the first quarter should continue this year, the bank's chief financial officer said on Thursday.Bank Audi, Lebanon's largest bank in terms of assets, said on Wednesday net profit for the first three months of the year had climbed by 11.6 percent to $61 million compared with the same period a year ago.

Assets stood at $20.7 billion at the end of March and customer deposits were $17.6 billion, marking year-on-year growth of 18 to 19 percent, CFO Freddie Baz told Reuters."I don't see any single reason why it shouldn't be sustained," he said, in reference to deposit growth.Strong deposit growth helped Bank Audi post net profit growth of 19 percent in 2008, reflecting a strong performance by Lebanese banks that had been shielded from the financial crisis by tight regulation and a conservative approach to risk.