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Banking Industry Records L$6.05 Billion In Earnings
Date Uploaded: Jan 26, 2016

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Banking Industry Records L$6.05 Billion In Earnings

By Jeraldine M. Gbaa, Intern

MONROVIA, January 25 (LINA) - The banking industry recorded gross earnings of L$ 6.05 billion between July and September 2015, the Financial and Economic Bulletin of the Central Bank of Liberia (CBL) has disclosed.

According to the bulletin, the industry recorded operating profit of L$530.8 million, representing a decline of 21.4 percent compared to the second quarter of 2015.

The bulletin stated that the corresponding quarter comparison showed that gross earnings recorded an increase of 5.3 percent similar to the previous quarter of 2015, adding that the industry recorded a net loss of L$662.4 million dollars.

According to the bulletin, five of nine banks recorded profits, while the remaining four banks recorded net loss. The bulletin did not identify the banks.

Like the previous quarter, most of the banks' earnings were from non-interest sources reflecting low financial inter-mediation in the banking sector, the bulletin indicated.
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