Byblos Bank released its unaudited financial results for Q1-2023, revealing a net loss of LBP 132.14 billion ($87.66 million when converted to local dollars using the official exchange rate of LBP 15,000 per USD) as at end of March, compared to a smaller net loss of LBP 65.64 billion a year earlier ($43.54 million when converted to local dollars using the previous official exchange rate of LBP 1,507.5 per USD). 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 667.32 billion by the end of the first quarter of 2023 while net commission & fee income reached LBP 71.32 billion. The bank registered a net loss on financial instruments & other operating income of LBP 213.79 billion (of which some LBP 193.58 billion stem from trading activities). On the other hand, the bank booked some LBP 32.13 billion in net impairment losses on financial assets compared to some LBP 10.13 billion in net impairment losses in the first quarter of 2022. Consequently, Bank Audi registered a net operating income of LBP 492.72 billion as at end of March 2023. Concurrently, operating expenses increased by more than three folds annually when comparing figures in LBP-equivalent to LBP 442.54 billion, with personnel expenses reaching LBP 166.43 billion and other operating expenses standing at LBP 239.10 billion. The bank also registered some LBP 130.00 billion in provisions for risks and charges. On the balance sheet front, the bank’s consolidated assets ended the first quarter of the year at LBP 182.91 trillion, with net loans & advances standing at LBP 10.48 trillion and customer deposits nearing LBP 154.47 trillion. Consequently, the bank’s ratio of net loans to customer deposits ended March 2023 down at 6.78% from 11.11% at end of year 2022. Bank Byblos’ shareholders’ equity expanded by 193.80% during Q1-2023 to LBP 13.69 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.