Lebanon’s Bank Audi Sees Profit Drop After Turkish Expansion
Lebanon’s Bank Audi, one of the largest operation banks in Lebanon, announced a 9.5 percent drop in the first quarter from 2012, partially as a result of the costs from launching their Turkish subsidiary, Odeabank, reports Hurriyet Daily News. The percentage drop equals a net profit of $85.5 million. The bank has been experiencing challenges with regional operations, due to disputes in Syria and Egypt. The Turkish operations have offset the bank’s losses in other regions, and the bank has announced its goal to become more active in the Turkish banking sector. The bank will aim to open over 100 branches in Turkey in the future.
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