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|
|Net loans and advances to customers at amortised cost||13,162,373||16,186,257||-18.68%|
|Total shareholders’ equity||3,884,352||4,187,901||-7.25%|
|Profit for the year||500,557||558,955||7.92%|
Source: Bank Audi