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)
Dec-16 | Dec-15 | % change | |||||
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% | ||||
Source: Beirut Stock Exchange (BSE), Bank Audi