Bank Audi published on 15 November, 2024 its non-audited financial results for Q3 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-June 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.
In Q3 2024, Bank Audi’s net profits amounted to $28,000 compared to $33,000 in Q3 2023. As to assets, they stood at $16.971 billion, less by 8.59% relative to end 2023; deposits reached $12.550 billion, down by 3.71%; loans stood at $0.909 billion, less by 13.36%; and shareholders’ equity were $0.962 billion, down by 44.67%.
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)”.
| USD’000 | 30-Sept-24 | 31-Dec-23 | ||
| Loans to Customers | 909,198 | 1,049,376 | ||
| Customers’ Deposits | 12,549,794 | 13,033,049 | ||
| Total Equity | 961,844 | 1,738,439 | ||
| Total Asset | 16,970,660 | 18,565,757 | ||
| Net Income | 28 | 21 | ||
| Loans / Deposits ratio | 7.24% | 8.05% |