Bank of Beirut’s Net Income Fell by 1.1% y-o-y to $146.84M at end Sep 2018

According to the consolidated unaudited balance sheet of Bank of Beirut, Total assets rose by 5.85 %y-t-d to $18.5 B in the first three quarters of the year. In details, “Net Loans & Advances to Customers at amortized cost” and “Cash and deposits at central banks” rose by 8.30% and 2.07% y-o-y, to reach$ 5.4B and $5.03B respectively, by September 2018.

On the liabilities’ side, Customers’ deposits rose by 1.77% yearly to stand at $12.65B , while total shareholders’ equity fell by an annual 0.22% to reach $2.38B by September 2018.

As for the bank’s income statement, Net Income revealed a downtick of 1.1% to reach $146.84M at the end of September. In fact, this decrease may be attributed to the 5% yearly increase of Total Operating expenses to $1.68B that outpaced the 1 % increase in the net operating Income. In details, the net interest income and net Commission income, both grew at 4.8% and 9.3% to hit $225M and $70M respectively.

Financial Highlights of Bank of Beirut in Q3 2018

(In Millions of Dollars) 30- Sep 18 30-Sep 17
Total Assets 18,503 17,480 5.85%
Net Loans and Advances to Customers at Amortized Cost 5,400 4,986 8.30%
Customers’ Deposits and Credit Balances at Amortized Cost 12,654 12,433 1.77%
Total Shareholders’ Equity 2,382 2,387 -0.22%
Net Income 146.85 148.52 -1.1%

 

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