Bank Audi published its audited consolidated financial results for end 2019 on 12 August 2020. The Bank said in its statement that it understands the external auditor’s negative opinion of these results, given the uncertain impact of the Lebanese crisis on the Bank’s financials in 2019. After booking $1.24 B in credit provisions, the Bank’s total net profits fell from $500.72 M in 2018 to net losses of $602.31 M in 2019, noting that $149 M in net profits were made from the Bank’s foreign units. In terms of the balance sheet, assets fell by 16.24% to $39.55 B; deposits decreased by 7.21% to $29.42 B; loans declined by 22.09% to $10.26 B; and shareholders’ equity dropped by 23.59% to $2.97 B.
Regarding the H1 2020 financial results, which were published on the same day, total net profits fell from $250.44 M in H1 2019 to nil or zero in H1 2020. As to the balance sheet items, they changed as follows from end 2019 to H1 2020: assets fell by 6.25% to $37.07 B; deposits decreased by 10.47% to $26.33 B; loans declined by 16.59% to $8.56 B; and shareholders’ equity increased by 4.02% to $3.09 B. The Bank noted that it has raised $210 M in Tier 1 capital from shareholders in H1 2020. It also added that 39% of its assets originated from outside Lebanon and so did 31% of its operating profits.