Bank Audi published its audited financial results for the year 2023 and unaudited results for the first quarter of 2024 reporting respective breakeven results of LBP 0.32 billion and LBP 1.39 billion as the bank continues its policy of allocating profits to provisions for risk and charges. The financials depict huge fluctuations from period to period due to the change in the official exchange rate from LBP 15,000 per USD at end of year 2023 to LBP 89,500 per USD at end of March 2024. In details, net interest income stood at LBP 5,137.88 billion YTD March 2024 while net commission & fee income reached LBP 2,459.05 billion. The bank registered net gains on financial instruments & other operating income of LBP 5,938.88 billion (of which some LBP 5,887.14 billion stem from trading activities). On the other hand, the bank booked some LBP 171.54 billion in net impairment losses (as the bank allocated most of its operating income to extinguish one-off losses related to the crisis) on financial assets. Consequently, Bank Audi registered a net operating income of LBP 13,364.26 billion YTD March 2024. Concurrently, operating expenses read LBP 13,361.28 billion, with personnel expenses reaching LBP 1,881.88 billion and other operating expenses attaining LBP 11,286.05 billion. On the balance sheet front, the bank’s consolidated assets ended the month of March 2024 at LBP 1,506.99 trillion, with net loans & advances standing at LBP 87.28 trillion and customer deposits nearing LBP 1,108.49 trillion. Consequently, the bank’s ratio of net loans to customer deposits ended March 2024 down at 7.87% from 8.05% at end of year 2023. Bank Audi’s shareholders’ equity reached LBP 85,360.20 billion. The bank stated that the devaluation of the official exchange rate had a pervasive effect on equity given its non-monetary nature, impacting regulatory ratios in the process, yet commented that the net asset value of the bank’s foreign subsidiaries ($766 million) cushioned this impact as the bank registered some LBP 47,756.34 billion in foreign currency translation reserves by end of March 2024. The bank also revealed that the sharp depreciation of the Turkish pound has been negatively contributing to the translation of Bank Audi’s financial statements into USD which prompted the bank to divest from Turkey. Until said action is completed, Odeabank’s (the bank’s Turkish subsidiary) assets and liabilities will be classified as “held for sale” under the consolidated financials, while net income from its Turkish operations will be booked under profit from discontinued operations in the consolidation process. Finally, it is worth noting that the bank’s Common Equity Tier 1, Tier 1 and Total Capital Adequacy ratios attained 8.46%, 8.80% and 9.54% in 2023 on a respective basis.