According to the consolidated financial statements of Bank Audi, the bank’s profits increased by a yearly 7.92% to settle at $500.56M in 2018. In fact, “Net interest margin” posted a yearly 9.40% growth to $1.16B while “Net fees and commission income” recorded a yearly decline of 9.15% to $220.46M over the same period. Despite the 3.64% annual decrease in “The net operating income”, the rise in the net profit can be linked to the drop in “Total operating expenses” by 11.03% to settle at $687.04M by the end of 2018.
On the banks’ balance sheet, “Total assets” witnessed 7.94% year-on-year (y-o-y) growth to $47.22B in 2018, driven by a 21% assets growth in Lebanon within a 13.5% contraction of assets outside Lebanon.
In fact, “Cash and balances with central banks” grew yearly by 24.92% to reach $16.45B by the end of 2018 mainly due to the BDL offering banks products with attractive returns. As for the “Customer loans”’s account it recorded an 18.68% yearly slump to $13.16B by Q4 2018.
On the liabilities side, “Customers’ deposits” posted a 3.83% y-o-y contraction, to settle at $31.69B. This decline can be linked principally to Odea Bank in Turkey, as a result of the adopted deleveraging strategy driving a real decrease in deposits. “Shareholders’ equity” registered a 7.25% y-o-y decrease to reach $3.88B.
Financial Highlights of Bank Audi in 2018
| $ Thousands | 2018 | 2017 | Yearly change |
| Total Assets | 47,225,301 | 43,751,839 | 7.94% |
| Net loans and advances to customers at amortised cost | 13,162,373 | 16,186,257 | -18.68% |
| Customers’ deposits | 31,692,916 | 32,953,802 | -3.83% |
| Total shareholders’ equity | 3,884,352 | 4,187,901 | -7.25% |
| Profit for the year | 500,557 | 558,955 | 7.92% |
Source: Bank Audi