Byblos Bank published on 30/4/2022 its un-audited financial results for end March 2022. As expected, the results were impacted by the current crisis affecting the Lebanese economy and financial markets. The Bank incurred losses in Q1 2022 that amounted to $43.544 million against net profits of $883 thousand in Q1 2021. In addition, total operating income stood at $54.116 million, compared to $183.972 million in Q1 2021; while net credit losses reached $6.721 million against $105.493 million in Q1 2021. As a result, net operating income totaled $47.396 million relative to $78.484 million in Q1 2021. It is interesting to note that the Bank took, additionally, provisions against risk and expenses that reached $11.851 million compared to $2.168 million in Q1 2021.
In terms of the balance sheet, total assets stood at $17.075 billion, less by 0.95% than assets at end December 2021. Likewise, loans to customers were $1.793 billion, down by 4.42%; customers’ deposits stood at $13.105 billion, lower by 0.68%; and shareholders’ equity amounted to $1.723 billion, down by 2.60%. As a result, the loans to deposits ratio fell from 14.21% to 13.68% as loans fell faster than deposits in Q1 2022.
Byblos Bank Financials:
| USD ‘000 | 31-Mar-22 | 31-Mar-21 | |||||
| Loans to Customers | 1,792,604 | 2,336,250 | |||||
| Customers’ Deposits | 13,104,578 | 14,495,818 | |||||
| Total Equity | 1,722,529 | 1,563,262 | |||||
| Total Asset | 17,075,399 | 18,395,024 | |||||
| Net Income | (43,544) | 883 | |||||
| Loans / Deposits ratio | 13.68% | 16.12% |