The consolidated financial statements of Byblos Bank revealed a 14.87% year-on-year (y-o-y) drop in profits to $28.74M in the first quarter of 2017 (Q1 2017). The drop in profits is mainly attributed to the deconsolidation of investments of the bank’s subsidiaries in Syria and Sudan. In fact, net interest income and net fees and commissions income respectively rose by a yearly 1.46% and 5.66% to $63.58M and $21.27M.
The banks’ balance sheet showed that total assets rose by 2.24% to $21.28B since year start and that customer loans increased by 0.26% since year start to $5.18B. On the liabilities side, customers’ deposits showed a 2.07% upturn since year start to $17.21B while shareholders’ equity increased by 1.72% year-to-date to $1.84B.
Byblos Bank’s Financial Highlights for Q1 2017
|In millions of USD||31-Dec-16||31-Mar-17||YTD|
|Total Assets|| 20,812|| 21,277||2.24%|
|Net loans and Advances to Customers at Amortized Cost|| 5,166|| 5,179||0.26%|
|Customers’ Deposits at Amortized Cost|| 16,859|| 17,208||2.07%|
|Total Shareholders’ Equity|| 1,804|| 1,835||1.72%|
|Profit for the Year*||33.76||28.74||-14.87%|
*March 31, 2016