Byblos Bank Net Profits Slightly Fall to $112.80M by September

Bank Byblos posted a 0.68% year-on-year (y-o-y) decrease in its net profit to $112.80M by end of September 2014, even though the net interest income increased by 19.07% y–o-y to $179.80M and net fees and commissions inched up by a yearly 1.13% to $67.80M. However, the increases in income were more than offset by the 5.11% annual increase in operating expenses to $167.90M.

Byblos Bank’s balance sheet reported a 2.63% year-to-date (y-t-d) increase in total assets, reaching $18.97B in the first three-quarters of 2014. This rise in total assets can be mainly contributed to a 4.96% uptick in net loans and advances to customers at amortized cost (after deduction of provisions) to $4.72B.

On the liabilities side, customers’ deposits at amortized cost increased by 5.55% y-t-d to reach $15.38B at September 30th, 2014. However, total shareholders’ equity stumbled by 1.19% y-t-d to reach $1.63B, mainly due to the 25.65% drop in retained earnings to $25.07M.

It is worth mentioning that the net doubtful loans to gross loans ratio remained below 1%, with a coverage ratio on the non-performing loans of 132% as of 30 September 2014. The return on average equity stood at 18.90%.

Byblos Financial Highlights by September

Total Assets18.9718.492.63%
Net Loans and Advances to Customers4.724.504.96%
Customers’ Deposits15.3814.575.55%
Shareholder’s Equity1.631.65-1.19%
Profit/Loss (in $M)112.80113.56*-0.68%
(*): September 2013 Value
Source: BSE News

Leave a Reply

Your email address will not be published. Required fields are marked *