Bank Byblos posted a 0.68% year-on-year (y-o-y) decrease in its net profit to $112.80M by end of September 2014, even though the net interest income increased by 19.07% y–o-y to $179.80M and net fees and commissions inched up by a yearly 1.13% to $67.80M. However, the increases in income were more than offset by the 5.11% annual increase in operating expenses to $167.90M.
Byblos Bank’s balance sheet reported a 2.63% year-to-date (y-t-d) increase in total assets, reaching $18.97B in the first three-quarters of 2014. This rise in total assets can be mainly contributed to a 4.96% uptick in net loans and advances to customers at amortized cost (after deduction of provisions) to $4.72B.
On the liabilities side, customers’ deposits at amortized cost increased by 5.55% y-t-d to reach $15.38B at September 30th, 2014. However, total shareholders’ equity stumbled by 1.19% y-t-d to reach $1.63B, mainly due to the 25.65% drop in retained earnings to $25.07M.
It is worth mentioning that the net doubtful loans to gross loans ratio remained below 1%, with a coverage ratio on the non-performing loans of 132% as of 30 September 2014. The return on average equity stood at 18.90%.
Byblos Financial Highlights by September
| Sep-14 | Dec-13 | %change | |
| Total Assets | 18.97 | 18.49 | 2.63% |
| Net Loans and Advances to Customers | 4.72 | 4.50 | 4.96% |
| Customers’ Deposits | 15.38 | 14.57 | 5.55% |
| Shareholder’s Equity | 1.63 | 1.65 | -1.19% |
| Profit/Loss (in $M) | 112.80 | 113.56* | -0.68% |