As per its latest unaudited financial statements, Bank of Beirut (BoB) recognized a yearly 7.96% rise in its Net Income, ending 2015 at a level of LBP 65.99B ($43.78M). BoB saw its net interest income improve 1.71% over the year to LBP 88.50B ($58.71M). However, these results displayed a 2.20 percentage-point (pp) drop in the net interest margin to 32.09%. Likewise, the bank’s net income margin edged down slightly from 21.47% at end-2014 to 21.34% by December 2015.
On the balance sheet, total assets rose by 10.97% year-on-year (y-o-y) to LBP 24,114B ($16.00B). The key drivers of this growth in assets were the 9.18% growth in net loans to customers to LBP 6,441B ($4.27B) and the 10.24% rise in debt securities at fair value to LBP 8,890B ($5.90B).
In the liabilities segment of the balance sheet, customer deposits grew by 11.32% over the year to stand at LBP 17,861B ($11.85B). Consequently, the bank’s loan to deposit ratio (LTD) slightly dipped from 36.61% to 36.06%.
BoB’s shareholder equity also grew by 10.46% to LBP 3,134B ($2.08B) following the redemption of the BoB preferred shares class “H” and the increase of the nominal value of BoB shares to LBP 1,640.
Bank of Beirut’s Financial Results ($M)
(*) Value of March 2015
Source: BoB financials