The consolidated financial statements of Byblos Bank revealed a 3.09% year-on-year (y-o-y) drop in profits to $27.85M in the first quarter of 2018 (Q1 2018). The drop in profits is mainly attributed to the double taxation on banks, which is expected to negatively affect the Lebanese banking sectors’ profits. In fact, net interest margin fell by 10 bps to 1.29%.
The banks’ balance sheet showed that total assets rose by 1.84% to $23.08B since year start and that customer loans increased by 1.83% since year start to $5.53B. On the liabilities side, customers’ deposits showed a 0.76% upturn since year start to $17.89B while shareholders’ equity increased by 1.61% year-to-date to $1.91B.
Byblos Bank’s Financial Highlights for Q1 2018
|In millions of USD||31-Mar-18||31-Dec-17||YTD|
|Total Assets|| 23,077|| 22,661||1.84%|
|Net loans and Advances to Customers at Amortized Cost|| 5,534|| 5,435||1.83%|
|Customers’ Deposits at Amortized Cost|| 17,885|| 17,750||0.76%|
|Total Shareholders’ Equity|| 1,909|| 1,879||1.61%|
|Profit for the Period*|| 27.85|| 28.74*||-3.09%|
*March 31, 2017
Source: Byblos Bank