Bank Audi Publishes its Audited Financial Results for 2023 and its Non-audited Financial Results for Q1 2024

Bank Audi published on 1 July, 2024 its audited financial results for 2023 and its non-audited financial results for Q1 2024. In its statement, Bank Audi said that “ (1)  The continued absence of the required reform pack 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 anticipates to be quite material; (2) Meanwhile, the Bank is continuing to implement measures aiming at reinforcing the Bank’s financial standing, in accordance with laws and regulations; (3) Pursuant to BdL’s Basic Circular No.167 issued in February 2024, Bank Audi adopted, in preparing the financial statements as at the end-March 2024, the exchange rate announced on the electronic platform approved by the Central Bank of Lebanon, which is equivalent to LBP 89,500 to the US Dollar, compared to a prevailing official exchange rate of LBP 15,000 to the US Dollar as at end-December 2023; (4) Generation of an operating surplus that was 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.

For end 2023, Bank Audi made net profits of $21,000 against losses of $434.73 million in 2022. Assets stood at $18.57 billion, compared to $26.93 billion in 2022; deposits were $13.03 billion, compared to $19.38 billion; loans to the private sector reached $1.05 billion, relative to $3.94 billion; and shareholders’ equity stood at $1.74 billion, compared to $4.02 billion.

For Q1 2024, Bank Audi’s net profits amounted to $16,000 compared to $51.63 million in Q1 2023. As to assets, they stood at $16.84 billion, less by 9.31% relative to end 2023; deposits reached $12.38 billion, down by 4.97%; loans stood at $0.976 billion, less by 7.02%; and shareholders’ equity were $0.954 billion, down by 45.14%.

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 2023 Annual Report)”.