Bank of Beirut Net Income Improved 7.96% Annually in 2015

As per its latest unaudited financial statements, Bank of Beirut (BoB) recognized a yearly 7.96% rise in its Net Income, ending 2015 at a level of LBP 65.99B ($43.78M). BoB saw its net interest income improve 1.71% over the year to LBP 88.50B ($58.71M). However, these results displayed a 2.20 percentage-point (pp) drop in the net interest margin to 32.09%. Likewise, the bank’s net income margin edged down slightly from 21.47% at end-2014 to 21.34% by December 2015.

On the balance sheet, total assets rose by 10.97% year-on-year (y-o-y) to LBP 24,114B ($16.00B). The key drivers of this growth in assets were the 9.18% growth in net loans to customers to LBP 6,441B ($4.27B) and the 10.24% rise in debt securities at fair value to LBP 8,890B ($5.90B).

In the liabilities segment of the balance sheet, customer deposits grew by 11.32% over the year to stand at LBP 17,861B ($11.85B). Consequently, the bank’s loan to deposit ratio (LTD) slightly dipped from 36.61% to 36.06%.

BoB’s shareholder equity also grew by 10.46% to LBP 3,134B ($2.08B) following the redemption of the BoB preferred shares class “H” and the increase of the nominal value of BoB shares to LBP 1,640.

Bank of Beirut’s Financial Results ($M)

Mar-16 Dec-15 % change
Net Profits 43.78 40.55 7.96%
Total Assets 15,996 14,415 10.97%
Customers’ Deposits 11,848 10,687 11.32%
Shareholders’ Equity 2,079 1,882 10.46%

(*) Value of March 2015

Source: BoB financials

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