Bank Audi published its unaudited financial results for the first quarter of 2023 reporting a net profit of LBP 774.45 billion ($51.63 million when converted to local dollars using the official exchange rate of LBP 15,000 per USD) compared to a net profit of LBP 119.02 billion ($78.95 million when converted to local dollars using the previous official exchange rate of LBP 1,507.5 per USD) in the same period in 2022. The sharp increase in all income statement and balance sheet figures when reported in LBP owes to the adoption of the new official exchange rate of LBP 15,000 per USD starting the month of February instead of LBP 1,507.5 per USD previously. In details, net interest income stood at LBP 1,358.82 billion by the end of the first quarter of 2023 while net commission & fee income reached LBP 368.03 billion. The bank registered a net gain on financial instruments & other operating income of LBP 241.66 billion (of which some LBP 61.75 billion stem from trading activities). On the other hand, the bank booked some LBP 120.74 billion in net impairment losses on financial assets compared to some LBP 153.73 billion in net impairment losses in the first quarter of 2022. Consequently, Bank Audi registered a net operating income of LBP 1,847.77 billion as at end of March 2023. Concurrently, operating expenses increased by more than four folds annually when comparing figures in LBP-equivalent to LBP 985.03 billion, with personnel expenses reaching LBP 519.09 billion and other operating expenses standing at LBP 379.71 billion. On the balance sheet front, the bank’s consolidated assets ended the first quarter of the year at LBP 277.65 trillion, with net loans & advances standing at LBP 43.56 trillion and customer deposits nearing LBP 234.48 trillion. Consequently, the bank’s ratio of net loans to customer deposits ended March 2023 down at 18.58% from 20.32% at end of year 2022. Bank Audi’s shareholders’ equity expanded by more than three folds in Q1-2023 to LBP 20.52 trillion amid the adoption of the new official exchange rate of LBP 15,000 per USD starting February which bolstered equity elements that are USD-denominated, not to mention the foreign currency translation gains on the bank’s foreign affiliates in which the functional currency is other than the Lebanese Pound. The bank reported a total capital adequacy ratio (calculated according to Basel III standards) and a common equity tier 1 ratio of 7.81% and 6.13% on a respective basis by end of March in comparison with 9.81% and 6.33% at end of year 2022.