The consolidated financial statements of Byblos Bank revealed a 9.07% drop in profits in the first half of 2017 (H1 2017) since year start. According to Byblos Bank’s official statement, this decline is mainly due to the deconsolidation of investments in both Syria and Sudan along with the bank’s adoption of a conservative strategy “amid the uncertainties prevailing in the region and in the markets where it operates”.
In fact, Byblos Bank’s income statement revealed that net gain from financial instruments at fair value and net gain on financial assets at amortized costs both decreased by 43.62% and 92.36% since year-start to reach $19.89M and $1.68M,respectively.
The banks’ balance sheet showed that total assets rose by 4.71% to $21.79B since year start and that customer loans increased by 2% since year start to $5.27B. On the liabilities side, customers’ deposits showed an increase of 4.24% since year start to $17.57B while shareholders’ equity dropped by 2.08% year-to-date to $1.77B.
Byblos Bank’s Financial Highlights for H1 2017
|In millions of USD||30-Jun-17||31-Dec-16||YTD|
|Total Assets|| 21,792|| 20,812||4.71%|
|Net loans and Advances to Customers at Amortized Cost|| 5,269|| 5,166||2.00%|
|Customers’ Deposits at Amortized Cost|| 17,574|| 16,859||4.24%|
|Total Shareholders’ Equity|| 1,766|| 1,804||-2.08%|
|Profit for the Period|| 66|| 73||-9.08%|
Source: Byblos Bank, Beirut Stock Exchange