Byblos Bank’s Profits Down by 3.33% y-o-y to $26.92M in Q1 2019

The consolidated financial statements of Byblos Bank revealed a 3.33% year-on-year (y-o-y) retreat in profits to $26.92M in the first quarter of 2019 (Q1 2019). The bank’s reports attribute the drop in profits largely to “increased costs of deposits [and] additional provisions against possible credit risks”, within the context of Lebanon’s political and economic uncertainties.

Byblos bank’s balance sheet also showed that Total assets climbed by an annual 1.47% to $25.37B since year start, while Customer loans declined by 2.42% year-to-date (YTD) to $5.29B. On the liabilities side, Customers’ deposits revealed an uptick of 0.88% YTD to reach $18.34B and Shareholders’ equity increased by 1.30% YTD to $1.94B.

Byblos Bank’s Financial Highlights for Q1 2019

(in USD Millions) 31-Mar-19 31-Dec-18 YTD
Total Assets            25,375.34            25,006.85 1.47%
Net Loans and advances to customers at amortized cost               5,293.76               5,425.03 -2.42%
Customer’s Deposits at amortized cost            18,347.38            18,187.82 0.88%
Total Shareholders’ Equity               1,945.47               1,920.47 1.30%
Profit for the period*                     26.92                     27.85 -3.33%
*for the period ended March 2018

Source: Beirut Stock Exchange; Byblos Bank.

 

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