Byblos Bank reports $66.3 million in net profit for the first half of 2017
The bank records a total of $21.8 billion in assets.
Byblos Bank achieved adequate financial results in the first half of 2017, with Customer Deposits and Customer Loans growing by 4.3 per cent and two per cent respectively, to reach $17.8 billion and $5.3 billion. Net Profit decreased by nine per cent, resulting from the Bank’s deconsolidation of investments in both Syria and Sudan, along with its adoption of a conservative strategy amid the uncertainties prevailing in the region and in the markets where it operates.
Advised by the Board of Directors, this conservative strategy entails a prudent lending policy, a lower risk appetite in some overseas markets and high liquidity levels among other. It is especially conceived to sustain the Bank’s financial solidity, guaranteeing long-term protection and stability for shareholders.
Byblos Bank’s immediate foreign-currency liquidity reached 15 per cent as at end of June 2017. While made in the form of short-term placements with investment- and above-investment-grade institutions, it highly exceeds local and international benchmarks. Its Basel III Capital Adequacy Ratio was maintained at above 18 per cent as at end of March 2017, versus recently issued BDL regulatory requirements that raised the minimum to 15 per cent by end-2018.
Byblos Bank continues with its plans and projects aiming to improve its business-development activities, increase staff productivity and leverage resources. These plans and projects will ensure that it is well-positioned to capitalise on potential expansion opportunities and achieve an improvement in profitability in the long term.