Profits of Byblos Bank Contracted to $164.53M in 2018

2018: Byblos Bank’s Financial Highlights

(in $ million) Dec-18 Dec-17 Y-o-Y
Net Total Assets                       25,000.60                       22,661.50 10.32%
Net Loans and Advances to Customers at Amortized Cost                          5,426.67                          5,434.82 -0.15%
Customers’ Deposits at Amortized Cost                       18,187.95                       17,749.73 2.47%
Shareholders’ Equity                          1,920.93                          1,879.02 2.23%
Profit for the Period                             164.53                             170.12 -3.29%

 The consolidated financial statements of Byblos Bank revealed the bank’s profits fell by a yearly 3.29% to settle at $164.53M in 2018. In fact, “Net interest income” posted a yearly 15% growth to $319.06M while “Net fees and commission income” recorded a yearly uptick of 7.43% to $96.23M over the same period. The bank actually attributed its lower profits to the “adverse economic conditions” but more so, to the “double taxation” of banks which began in 2018 and to the higher provisions allocated for loan losses this year, given the frail economic and financial environment.

On the banks’ balance sheet, “Total assets” recorded 10.32% year-on-year (y-o-y) growth to $25B in 2018, even though “Customer loans” declined by an incremental 0.15% y-o-y, to stand at $5.42B by Dec. 2018. On the liabilities side, “Customers’ deposits” posted a 2.47% y-o-y upturn, to settle at $18.18B, while total “Shareholders’ equity” over the same period also registered a 2.23% y-o-y growth to reach $1.92B.

Source: Byblos Bank; BSE

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