Bank Audi’ s Net Profit Ended 2017 at $559M

The consolidated financial statements of Bank Audi in 2017 revealed an annual increase of 18.89% in the profits of Q4 2017, which stood at $559M of net profits, “and $464M excluding profits from discontinued operations, of which 45% were from entities outside Lebanon”, as per Audi’s report. In details, Odea Bank’s  contribution to the net profits reached 19%, while Bank Audi Egypt contributed by 12%.

According to the bank’s balance sheet, Total assets slipped by 1.16% year-on-year (y-o-y) to stand at $43.8B, triggered by the contraction in Odea’s Bank assets, knowing this last adopted a new management strategy in 2017 reinforcing risk control. Meanwhile Customer loans fell by an annual 5.17% to $16.2B. On the liabilities side, Customers’ deposits contracted by 6.95% y-o-y to settle at $33B, while Shareholders’ equity climbed by a yearly 13.22% to $4.2B.

Audi Bank’s Financial Highlights in Q4 2017

In millions of USD 31-Dec-17 31-Dec-16 YTD
Total Assets                           43,751                             44,266 -1.16%
Net loans and Advances to Customers at Amortized Cost                           16,186                             17,069 -5.17%
Customers’ Deposits at Amortized Cost                           32,953                             35,415 -6.95%
Total Shareholders’ Equity                             4,187                               3,698 13.22%
Profit for the Period                                 559                                   470 18.89%

Source: BSE, Bank Audi

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