The consolidated financial statements of Byblos Bank revealed a 2.9% annual uptick in Byblos Bank’s profits in the second half of 2017 (H2 2017), which ended the year at $170M.
According to the bank’s official statement, this growth is mainly attributed to: “Byblos Bank’s strategy for maintaining high liquidity levels to mitigate the effects of unpredictable shocks, and [the Board of Directors’ full commitments] to their conservative strategy […] by focusing on maintaining asset quality and protecting capital.” However, the report forecasts the banking sector’s profitability in 2018 to diminish, in light of the newly-introduced banks’ “double-taxation”.
In fact, Byblos Bank’s income statement revealed that Net gain from financial instruments at fair value and Net gain on financial assets at amortized costs both decreased by 39.51% y-o-y and 91.33% y-o-y to reach $32.14M and $24.04M,respectively.
The banks’ balance sheet showed that Total assets grew by an annual 5.21% to reach $22.66B in Q4 2017. Moreover, Customer loans increased by 9.12% y-o-y, to stand at $5.43B. On the liabilities side, Customers’ deposits showed a yearly rise of 9.59% by the end of 2017, to $17.75B, while Shareholders’ equity also climbed by 4.18% y-o-y to end the year at $1.88B.
Byblos Bank’s Financial Highlights in Q4 2017
|(in USD Millions)||31-Dec-17||31-Dec-16||Y-o-Y|
|Total Assets|| 22,661.70|| 20,768.23||5.21%|
|Net Loans and advances to customers at amortized cost|| 5,434.82|| 5,165.69||9.12%|
|Total Liabilities|| 20,782.32|| 18,964.30||5.28%|
|Customers’ Deposits at amortized cost|| 17,749.73|| 16,859.46||9.59%|
|Total Shareholders’ Equity|| 1,879.39|| 1,803.94||4.18%|
|Profit for the year|| 170.12|| 165.33||2.90%|
Source: Byblos Bank, Beirut Stock Exchange