The consolidated financial statements of Byblos Bank revealed a 3.33% year-on-year (y-o-y) retreat in profits to $26.92M in the first quarter of 2019 (Q1 2019). The bank’s reports attribute the drop in profits largely to “increased costs of deposits [and] additional provisions against possible credit risks”, within the context of Lebanon’s political and economic uncertainties.
Byblos bank’s balance sheet also showed that Total assets climbed by an annual 1.47% to $25.37B since year start, while Customer loans declined by 2.42% year-to-date (YTD) to $5.29B. On the liabilities side, Customers’ deposits revealed an uptick of 0.88% YTD to reach $18.34B and Shareholders’ equity increased by 1.30% YTD to $1.94B.
Byblos Bank’s Financial Highlights for Q1 2019
|(in USD Millions)||31-Mar-19||31-Dec-18||YTD|
|Total Assets|| 25,375.34|| 25,006.85||1.47%|
|Net Loans and advances to customers at amortized cost|| 5,293.76|| 5,425.03||-2.42%|
|Customer’s Deposits at amortized cost|| 18,347.38|| 18,187.82||0.88%|
|Total Shareholders’ Equity|| 1,945.47|| 1,920.47||1.30%|
|Profit for the period*|| 26.92|| 27.85||-3.33%|
|*for the period ended March 2018|
Source: Beirut Stock Exchange; Byblos Bank.