Bank Audi published on 9/9/2022 its non-audited financial results for H1 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 H1 2022, Bank Audi’s losses amounted to $312.122 million compared to losses of $108.182 million in H1 2021. As to assets, they stood at $25.627 billion, less by 4.58% relative to end 2021; deposits reached $20.118 billion, down by 3.82%; loans stood at $4.310 billion, less by 9.13%; and shareholders’ equity were $2.153 billion, less by 13.60%. Also, Bank Audi had net impairment recovery on financial assets of $175.631 million compared to net impairment losses of $6.734 million in H1 2021.
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-June 2022)”.
Bank Audi’s Financials
USD’000 30-Jun-22 31-Dec-21
Loans to Customers 4,309,743 4,742,695
Customers’ Deposits 20,118,137 20,918,181
Total Equity 2,152,751 2,491,670
Total Assets 25,627,132 26,856,681
Net Income (312,122) (183,989)
Loan to Deposits % 21.42 22.67