The combined net after tax profit 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 198.64 billion year-on-year to just below SYP 272.39 billion ($217 million) YTD September 2020, up from around SYP 9.45 billion ($18.35 million) in the same period in 2019. This owes to the unrealized structural FX revaluation gains of SYP 271.62 billion ($216.26 million), coupled with a 38.55% hike in net interest income to SYP 25.85 billion ($20.58 million) and more than a double fold increase in net commission & fee income to SYP 13.37 billion ($10.65 million). Fransabank Syria recorded the highest profit figure ($39.18 million), followed by Byblos Bank Syria ($38.62 million), Bank BEMO Saudi Fransi ($34.43 million), Bank Audi Syria ($32.37 million), Bank of Syria & Overseas ($27.92 million), Syria Gulf Bank ($24.92 million), and Sharq Bank ($19.56 million).

On the balance sheet front, the combined assets of Lebanese banks’ Syrian subsidiaries widened by 99.81% during the first nine months of 2020 to just below SYP 1,878.93 billion ($1.50 billion). The share of Bank BEMO Saudi Fransi of the combined assets of the seven banks stood at 31.99%, that of Bank of Syria & Overseas being 15.67%, Fransabank Syria amassing a share of 14.32%, Bank Audi Syria detaining a share of 13.10%, Byblos Bank Syria controlling a stake of 9.10%, the share of Syria Gulf Bank reaching 8.28% and the share of Sharq Bank settling at 7.54%. The combined net loans portfolio of the aforementioned banks rose by 3.19% during the first nine months of 2020 to just below SYP 262.50 billion ($209.00 million), while their combined customer deposits soared by 74.20% to SYP 1,122.73 billion ($893.89 million). On the capitalization front, the combined equity of all seven banks skyrocketed by 179.74% YTD September 2020 to SYP 424.72 billion ($338.15 million) as a result of the retention of profits recorded during the concerned period.