Bank Audi published today its non-audited financial results for Q3 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) Following the government’s adoption of a resolution program in May 2022, Lebanon approved lately changes to the banking secrecy law, demanded by the IMF before it agrees to the long awaited restructuring plan. The resolution program still needs to be ratified by the Lebanese parliament. Meanwhile, the Bank is continuing to implement measures aiming at reinforcing its 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 Q3 2022, Bank Audi’s losses amounted to $811.23 million compared to $107.32 million in Q3 2021. As to assets, they stood at $24.67 billion, less by 8.15% relative to end 2021; deposits reached $19.77 billion, down by 5.48%; loans stood at $4.10 billion, less by 13.55%; and shareholders’ equity was $1.61 billion, down by 35.47%.
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-September 2022)”.
Bank Audi’s Financials
USD’000 30-Sep-22 31-Dec-21
Loans to Customers 4,099,917 4,742,695
Customers’ Deposits 19,771,528 20,918,181
Total Equity 1,607,957 2,491,670
Total Assets 24,666,693 26,856,681
Net Income (811,233) (183,989)
Loan to Deposits % 20.74 22.67