Byblos Bank Headquarters, Tuesday, 26 July 2016: Byblos Bank announced adequate results in the first half of 2016. Net profit stood at USD 73.8 million as at 30 June 2016, as compared to USD 69.6 million in the same period of last year. This increase of 6% in net profit was achieved despite adverse economic conditions, locally and regionally, and intensified efforts to reduce risks amidst significant challenges that continue to impact the markets in which the Bank operates.
Byblos Bank, therefore, sustained its prudent strategy and long-held conservative approach, based on preserving strong asset quality, a diversified loan portfolio, and a robust customer deposit base. On the other hand, it continued its policy of strict provisioning against possible credit losses, with a coverage ratio going well above 100%. The Bank also posted strong liquidity of 51% of total assets and a Basel III Capital Adequacy Ratio of 17.7%, far surpassing the regulatory requirement of 12% for end-2015.
Total assets grew 2.8% (+USD 564 million) in the first half of 2016 to USD 20,434 million as at 30 June 2016, while customer deposits rose 3.1% (+USD 513 million) in the first half of 2016 to USD 17,150 million, and net customer loans rose by 1.9% (+USD 92 million) to USD 5,024 million.