The combined net after tax profits of Lebanese banks’ Syrian subsidiaries, namely Bank Audi Syria, Bank of Syria & Overseas, Byblos Bank Syria, Bank BEMO Saudi Fransi, Sharq Bank, Syria Gulf Bank and Fransabank Syria rose by SYP 269.92 billion year-on-year to just above SYP 275.89 billion ($219.66 million) in the first half of 2020, up from SYP 5.97 billion ($13.70 million) in the same period in 2019. This owes to the unrealized revaluation gains of SYP 271.37 billion ($216.06 million), coupled with a 50.50% hike in net interest income to SYP 17.20 billion ($13.69 million) and more than a double fold increase in net commission & fee income to SYP 77.08 billion ($61.37 million). Byblos Bank Syria recorded the highest profit figure ($39.61 million), followed by Fransabank Syria ($38.89 million), Bank BEMO Saudi Fransi ($34.63 million), Bank Audi Syria ($33.59 million), Bank of Syria & Overseas ($28.61 million), Syria Gulf Bank ($25.03 million), and Sharq Bank ($19.30 million).

On the balance sheet front, the combined assets of Lebanese banks’ Syrian subsidiaries widened  by 91.32% during the first half of 2020 to just above SYP 1,799.09 billion ($1.43 billion). The share of Bank BEMO Saudi Fransi of the combined assets of the seven banks stood at 32.35%, that of Bank of Syria & Overseas being 16.46%, Fransabank Syria amassing a share of 14.85%, Bank Audi Syria detaining 12.95%, Byblos Bank Syria controlling a stake of 9.25%, the share of Sharq Bank reaching 8.20% and the share of Syria Gulf Bank settling at 5.93%. The combined net loans portfolio of the aforementioned banks soared by 16.89% during the first half of 2020 to SYP 297.36 billion ($236.75 million), while their combined customer deposits increased by 69.01% to SYP 1,089.24 billion ($867.23 million). On the capitalization front, the combined equity of all seven banks skyrocketed by 181.99% in the first six months of 2020 to SYP 428.14 billion ($340.87 million) as a result of the profits recorded in the second half of 2020.