Byblos Bank released its audited financial results for the year 2023 revealing a net profit of LBP 6.20 billion compared to a net loss of LBP 1,541.46 billion 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 2023 instead of LBP 1,507.5 per USD previously. In details, net interest income stood at LBP 3,454.51 billion in 2023 while net commission & fee income reached LBP 855.33 billion. The bank registered also a net gain on financial instruments & other operating income of LBP 4,020 billion (of which some LBP 3,639.46 billion generated from the bank’s trading portfolio, mainly stemming from gains on the devaluation of the official exchange rate). On the other hand, the bank booked some LBP 1,175.79 billion in net impairment losses on financial assets compared to some LBP 25.07 billion in provisions write-backs during the year 2022. Consequently, Bank Byblos registered a net operating income of LBP 7,154.28 billion as at end of year 2023. Concurrently, operating expenses increased markedly on an annual basis when comparing figures in LBP-equivalent to LBP 6,951.12 billion, with personnel expenses reaching LBP 1,046.41 billion and other operating expenses standing at LBP 5,746.15 billion, of which some LBP 4,565.09 billion in provisions for risks and charges. On the balance sheet front, the bank’s consolidated assets ended the year 2023 at LBP 184.45 trillion with net loans & advances reaching LBP 8.89 trillion. Byblos bank’s financial assets held at FVTPL soared by around nine-folds to LBP 1.32 trillion, with those booked at fair value through other comprehensive income rising by more than twelve-folds to LBP 2.19 trillion as a result of the aforementioned change in the official exchange rate. The value of financial assets booked at amortized cost, on the other hand, receded by 35.31% to LBP 2.11 trillion, as the bank increased allowances for expected credit losses (ECLs). Customer deposits at Byblos bank reached LBP 151.49 trillion at end of year 2023, resulting in a ratio of net loans to customer deposits of 5.87% compared to 11.11% at end of 2022. Byblos Bank’s shareholders’ equity stood at LBP 14.26 trillion at end of 2023 of which LBP 3.01 trillion stem from foreign currency translation reserves. Finally, it is worth noting that the bank’s Common Equity Tier 1, Tier 1 and Total Capital Adequacy ratios attained 5.93%, 6.46% and 7.75% in 2023 on a respective basis.