The combined net after tax profit of Lebanese banks’ Syrian subsidiaries, namely Bank Audi Syria, Bank of Syria & Overseas, Byblos Bank Syria, Banque Bemo Saudi Fransi, Sharq Bank, Syria Gulf Bank, and Fransabank Syria, soared by SYP 262.01 billion in 2020 to around SYP 268.96 billion ($215.17 million), up from around SYP 6.95 billion ($13.49 million) in 2019. The rise in the net after tax profit owes particularly to the unrealized structural FX revaluation gains. Fransabank Syria recorded the highest profit figure ($39.07 million), followed by Byblos Bank Syria ($37.63 million), Banque Bemo Saudi Fransi ($34.51 million), Bank Audi Syria ($31.82 million), Bank of Syria & Overseas ($27.06 million), Syria Gulf Bank ($25.68 million), and Sharq Bank ($19.41 million).

On the balance sheet front, the combined assets of Lebanese banks’ Syrian subsidiaries widened by 116.56% in 2020 to SYP 2,036.47 billion ($1.63 billion). The share of Banque Bemo Saudi Fransi of the combined assets of all seven banks stood at 32.18%, with that of Bank of Syria & Overseas being 14.78%, Fransabank Syria amassing a stake of 12.97%, Syria Gulf Bank detaining 12.16%, Bank Audi Syria controlling a share of 12.11%, the share of Byblos Bank Syria reaching 8.98%, and that of Sharq Bank settling at 6.82%. On the capitalization front, the combined equity of all seven banks rose in 2020 to just over SYP 421.07 billion ($336.86 million), up from nearly SYP 151.52 billion ($294.25 million) a year before.