Bank Audi published today its audited financial results for 2021 and its non-audited financial results for Q1 2022. In its statement, Bank Audi said that “(1) Persisting excessive uncertainties arising from a lasting financial crisis since 2019, preventing Management to estimate in a true and fair manner, and as per IFRS, the adverse impact of those matters on the Bank’s financial position and equity, which it anticipates to be material; (2) On 20 May 2022, the Lebanese government adopted a resolution program, led by the IMF, paving the way for the long awaited restructuring plan. It still needs to be ratified by the Lebanese Parliament. Meanwhile, the Bank is continuing to implement measures aiming at reinforcing the Bank’s financial standing, in accordance with laws and regulations; (3) Generation of an operating surplus that was fully allocated to cover one-off losses tied to the crisis, within an adopted policy of allocation of all recurrent profits to provisions and to cover exceptional losses until the dissipation of uncertainties; (4) Re-building an activity of external accounts, paving the way for the revival of traditional banking operations”.
For end 2021, Bank Audi made losses of $183.98 million against losses $144.78 million in 2020. Assets stood at $26.85 billion, less by 24.2% from end 2020; deposits were $20.11 billion, down by 6.6%; loans to the private sector reached $4.74 billion, less by 22.7%; and shareholders’ equity stood at $2.49 billion, lower by 15.5%.
For Q1 2022, Bank Audi’s losses amounted to $7.26 million compared to nil in Q1 2021. As to assets, they stood at $26.74 billion, less by 0.4% relative to end 2021; deposits reached $19.85 billion, down by 1.2%; loans stood at $4.51 billion, less by 4.8%; and shareholders’ equity were $2.52 billion, up by 1.2%.
Bank Audi stated also that “figures were published to comply with regulatory publishing requirements for listed banks operating in Lebanon. They should not be relied upon for decision-making, and they should be read in conjunction with the full set of financial statements and related disclosures as published on the Bank’s website (please refer to the 2021 Annual Report and to the Interim Report as at end-March 2022)”.
Bank Audi’s Financials
USD’000 31-Mar-22 31-Dec-21
Loans to Customers 4,515,911 4,742,695
Customers’ Deposits 19,851,368 20,100,754
Total Equity 2,520,520 2,491,670
Total Assets 26,749,149 26,856,681
Net Income (7,268) (183,989)
Loan to Deposits % 22.75 23.59