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.