Bank Audi Publishes its Non-audited Financial Results for Q3 2023

Bank Audi published its non-audited financial results for Q3 2023 on 17/11/2023. In its statement, Bank Audi said that: “(1) The continued absence of the required reform package to address the impact of the financial crisis prevailing since the year 2019, of which the ratification of the resolution program and the adoption of the restructuring plan, is translating into a perpetuation of the high levels of uncertainties, preventing banks to estimate in a reasonable manner the impact of the Crisis on their financial position, which we anticipate to be quite material. (2) In February 2023, the Central Bank of Lebanon adjusted the official exchange rate from LBP 1,507.5 to LBP 15,000 to the US Dollar. (3) Meanwhile, the Bank is continuing to implement measures aiming at reinforcing the Bank’s financial standing, in accordance with laws and regulations. (4) 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. (5) Re-building activity of the external accounts; paving the way for the revival of traditional banking operations”.

For Q3 2023, Bank Audi’s net profit amounted to $53.63 million compared to losses of $811.23 million in Q3 2022. As to assets, they stood at $17.96 billion, less by 33.30% relative to end 2022; deposits reached $15.70 billion, down by 21.20%; loans stood at $2.32 billion, less by 41.20%; and shareholders’ equity were $1.18 billion, down by 70.52%.

Bank Audi stated also that “the figures below 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 2022 Annual Report and to the Interim Report as at end-September 2023)”.

Bank Audi’s Financials: