Bank Audi’s  Net Income Up by 7.92% to $ 500.56M in 2018

According to the consolidated financial statements of Bank Audi, the bank’s profits increased by a yearly 7.92% to settle at $500.56M in 2018. In fact, “Net interest margin” posted a yearly 9.40% growth to $1.16B while “Net fees and commission income” recorded a yearly decline of 9.15% to $220.46M over the same period. Despite the 3.64% annual decrease in “The net operating income”, the rise in the net profit can be linked to the drop in “Total operating expenses” by 11.03% to settle at $687.04M by the end of 2018.

On the banks’ balance sheet, “Total assets” witnessed 7.94% year-on-year (y-o-y) growth to $47.22B in 2018, driven by a 21% assets growth in Lebanon within a 13.5% contraction of assets outside Lebanon.

In fact, “Cash and balances with central banks” grew yearly by 24.92% to reach $16.45B by the end of 2018 mainly due to the BDL offering banks products with attractive returns. As for the “Customer loans”’s account it recorded an 18.68% yearly slump to $13.16B by Q4 2018.

On the liabilities side, “Customers’ deposits” posted a 3.83% y-o-y contraction, to settle at $31.69B. This decline can be linked principally to Odea Bank in Turkey, as a result of the adopted deleveraging strategy driving a real decrease in deposits. “Shareholders’ equity” registered a 7.25% y-o-y decrease to reach $3.88B.

Financial Highlights of Bank Audi in 2018

$ Thousands20182017 Yearly change
Total Assets47,225,30143,751,8397.94%
Net loans and advances to customers at amortised cost13,162,37316,186,257-18.68%
Customers’ deposits31,692,91632,953,802-3.83%
Total shareholders’ equity3,884,3524,187,901-7.25%
Profit for the year500,557558,9557.92%

Source: Bank Audi

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