According to Bank Audi’s newly released financial statements, the bank’s consolidated net profit surged 16.61% year-on-year (y-o-y) to stand at $470.11M in 2016 despite the negative developments in Turkey and Egypt, where Audi also operates. According to the bank’s statement, Turkey and Egypt recorded depreciations of their currencies of 18% and 58%, respectively in 2016.
As for Bank Audi’s consolidated balance sheet, it showed a 5.19% y-o-y growth in total assets, which stood at $44.4B, as at December 31, 2016. The loan and deposit growths were however impacted by the depreciation of the Egyptian Pound and the Turkish Lira.
The balance sheet shows a yearly decline of 2.94% in net loans and advances to customers at amortized cost to $17.3 billion which “on the basis of a constant exchange rate as at end-December 2015 would have increased by $1.7B or 10%, driven primarily by an increase in loans in entities operating in Lebanon, Turkey and Egypt”, the statement clarifies.
The balance sheet also reveals a modest annual increment of 0.75% in customer deposits to $35.42B in 2016. The statement also highlights that on a constant exchange basis at end-December 2015, the deposit growth would have been equal to 10% mainly on account of deposits in entities operating in Lebanon.
Shareholders’ Equity recorded a notable growth of 15.25% and stood at $3.79B by Dec. 2016.
Regarding Bank Audi’s participation in the swap operation engineered by the Central Bank of Lebanon, the bank announced it achieved around $1B in exceptional non-recurring revenues. The Bank also assured that those revenues will be allocated in accordance with the Central Bank’s instructions cited in Intermediate Circular #446.
Bank Audi: Financial Highlights ($B)
|Net Profits ($M)||470.11||403.14||+ 16.61%|
|Total Assets||44.4||42.20||+ 5.19%|
|Customers’ Deposits||35.42||35.15||+ 0.75%|
|Shareholders’ Equity||3.79||3.29||+ 15.25%|
|Net Loans and Advances to Customers||17.2|| 17.72|| -2.94%|
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Source: Beirut Stock Exchange (BSE), Bank Audi