Economic Research | Lebanon This Week | Lebanon This Week 527 | Net losses of Syrian affiliates of Lebanese banks at $28m in 2017 due to unrealized foreign exchange losses on structural positions | Lebanon | Byblos Bank

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Byblos Bank

Lebanon This Week 527

Home Economic Research Lebanon This Week 527 Net losses of Syrian affiliates of Lebanese banks ...
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Net losses of Syrian affiliates of Lebanese banks at $28m in 2017 due to unrealized foreign exchange losses on structural positions

Preliminary financial results issued by the affiliates of seven Lebanese banks operating in Syria show that their aggregate net losses reached SYP14.1bn in 2017 relative to net profits of SYP54.4bn in 2016. The deterioration in the banks' net earnings is due to the appreciation of the Syrian pound from SYP517.4 against the US dollar at end-2016 to SYP436 per US dollar at the end of 2017, which resulted in unrealized net foreign exchange losses on the banks’ structural positions. Further, the exchange rate averaged SYP507.9 per dollar in 2017 relative to an average of SYP467.3 per dollar in 2016, which means that, in US dollar terms, the seven banks generated net losses of $27.7m in 2017 relative to net earnings of $116.5m in 2016. All banks posted net losses in 2017 except for Byblos Bank that registered profits of SYP965m, or $1.9m.

In parallel, the banks' aggregate assets reached SYP810.9bn at the end of 2017 and decreased by 1.3% from SYP821.2bn at end-2016. In US dollar terms, the assets of the seven banks increased by 17.2% from $1.6bn at the end of 2016 to $1.86bn at end-2017, mainly due to the appreciation of the Syrian pound against the US dollar by 15.7% in 2017.
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Byblos Bank S.A.L., Byblos Bank Headquarters, Elias Sarkis Ave., Ashrafieh, Beirut

List of Banks No.39, CRB:14150, BDL Authorization No. 11/231 Dated 14 May 2005

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