Lebanon's Bank Audi aims to double Egypt earnings by 2017

Lebanon's Bank Audi aims to double its assets and earnings in Egypt by 2017 as it bets on a continued revival in the Arab world's most populous economy, its group strategy director told Reuters.

Egypt was the bank's most profitable overseas operation in the first quarter with earnings of $22 million, up 52 percent from a year earlier, its financial statement showed.

The bank is rebalancing in Egypt, diversifying away from a reliance on corporate banking to tap more profits from its commercial, retail and SME businesses, Freddie Baz said in an interview.

"We want to double the size of our assets and earnings by 2017, from respectively $4.3 billion and $58 million in 2014," said Baz.

Egypt's banks are targeting accelerated growth after a shaky few years in the wake of the ousting of former president Hosni Mubarak in 2011. A pick-up in investment and a resurgence in the economy are helping bolster credit demand.