Byblos Bank published early this month its un-audited, consolidated financial results for end June 2024. As expected, the results were impacted by the current crisis and the state of war affecting the Lebanese economy and financial markets. The Bank’s financials, valued at the exchange rate of 89,500 LBP per USD, showed net profits in H1 2024 at $621,000 against net profits of $962,000 in H1 2023, a fall by 35.47%.
In terms of the balance sheet, total assets stood at $11.47 billion, less by 6.73% than assets at end December 2023. Likewise, loans to customers were $0.528 billion, down by 10.94%; customers’ deposits stood at $9.69 billion, lower by 4.09%; and shareholders’ equity amounted to $0.786 billion, down by 17.32%. As a result, the loans to deposits ratio fell from 5.87% to 5.45% as loans fell faster than deposits in H1 2024.
Byblos Bank Main Financials H1 2024/2023:
| USD ‘000 | 30-Jun-24 | 30-Jun-23 |
| Loans to Customers | 528,098 | 592,962 |
| Customers’ Deposits | 9,686,310 | 10,099,175 |
| Total Equity | 786,006 | 950,661 |
| Total Asset | 11,469,432 | 12,296,830 |
| Net Income | 621 | 413 |
| Loans / Deposits ratio | 5.45% | 5.87% |