According to Byblos Bank’s Consolidated Income Statement as at 31 December 2016, the bank registered a profit of $165.30M in 2016 compared to $161.48M in 2015. Net interest income and net fees and commissions income both declined by 3.33% and 0.28% to $247.74M and $80.67M, respectively. The operating income was boosted by increases in the net gain from financial instruments at fair value and in the net gain on financial assets at amortized costs.
Byblos Bank’s balance sheet revealed that total assets grew by a yearly 4.81% to $20.83B with net loans and advances to customers at amortized cost rising by an annual 5.22% to $5.17B. On the liabilities side, total shareholders’ equity increased by 5.18% to $1.8B while customer deposits at amortized costs advanced by 3.06% to $16.86B.
The bank commented in its official statement that the “exceptional gains from the swap transactions undertaken with the Central Bank of Lebanon, were in part used for writing off Byblos Bank’s investments in its subsidiaries in both Sudan and Syria and deconsolidate its operations there”. The statement also notes that, as instructed by the Central Bank of Lebanon, a sizeable portion of the swap gains were allocated as provisions ahead of the IFRS 9 implementation due in 2018.
USD millions 2015 2016 yearly change %
Net Loans and Advances to Customers at Amortized Cost 4,909 5,165 5.22%
Total Assets 19,870 20,825 4.81%
Shareholders’ Equity 1,714 1,802 5.18%
Customers’ Deposits at Amortized Costs 16,357 16,858 3.06%
Profit for the Year 161.48 165.30 2.37%
Source: Byblos Bank