Lebanon’s Byblos Bank recorded a net income of 17.8 billion Lebanese pounds ($11.8 million) for the first quarter of 2003, earning the same amount as it did during the same period last year.
Return on Assets (ROA) and return on equity (ROE) stood at respectively 0.9 percent and 14.5 percent at the end of March 2003. The bank was successful in maintaining the same profitability levels as the last year period despite subscribing to the special treasury bills yielding zero percent. In this regard net interest margin stood at 2.63 percent at the end of March 2003 and March 2002.
Total assets increased by 17.8 percent between March 31, 2002 and March 31, 2003 reaching LP 8.2 billion ($ 5.5 billion) at the end of March 2003. Total deposits increased by 20.1 percent during the same period reaching LP 6,606 billion ($ 4.4 billion) at the end of March 2003 and total loans increased by 18.6 percent to reach LP 1.8 billion ($ 1.2 billion) at the end of March 2003.
Net non-performing loans represented 3.8 percent of gross loans at the end of March 2003. The coverage of non-performing loans by provisions and cash collateral stood at 89 percent at the end of March 2003.
The bank maintained high liquidity ratios with liquid assets representing 74.2 percent of total assets and immediate Fcy liquidity representing 46 percent of FCY deposits at the end of March 2003. Total capital amounted to $403 million at the end of March 2003 and will amount to $503 million upon the closing of the preferred-shared issuance.
Total capital represented 5.9 percent of total assets at the end of March 2003 and capital adequacy ratio stood at around 19 percent. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
