According to BDL statistics, the combined balance sheet of commercial banks operating in Lebanon show a staggering increase in figures in August 2024 when reported in LBP equivalent as a result of the change in the official exchange rate to LBP 89,500 per USD starting January 2024. In figures, the consolidated assets of banks stood at LBP 9,358.38 trillion by end of August 2024 compared to LBP 1,728.74 trillion in December 2023 and LBP 1,705.86 trillion in August of the previous year at a time when the official exchange rate was LBP 15,000/USD.

On the funding side of the balance sheet, customer deposits attained LBP 8,158.36 trillion in August 2024, with those of the resident private sector reaching LBP 6,198.51 trillion, non-resident private sector deposits nearing LBP 1,893.51 trillion, and public sector deposits standing at LBP 66.33 trillion. From a currency denomination standpoint, deposits in Lebanese Pounds increased by 80.37% (LBP 56.51 trillion) YTD August to LBP 126.84 trillion, while foreign currency deposits decreased by 1.69% ($1.54 billion) in the first eight months of the current year to $89.74 billion. In this context, the deposit dollarization rate reached 99.66% at end of August 2024 in comparison with 96.62% in December 2023 and 96.71% in August 2023. It is worth noting that foreign currency deposits in the private sector contracted by $135.57 million during the month of August 2024 with LBP-denominated deposits dropping by LBP 10.10 trillion.

On the lending front, loans to the private sector (residents and non-residents) reached LBP 590.04 trillion in August 2024 compared to December 2023’s reading of LBP 124.82 trillion. More specifically, LBP denominated loans increased by 2.97% (LBP 0.34 trillion) in the first eight months of 2024 to LBP 11.73 trillion with foreign currency loans receding by 14.55% ($1.10 billion) to $6.46 billion. It is worth noting that foreign currency loans dropped by $168.15 million during the month of August 2024 while LBP-denominated loans increased by LBP 825 billion. The ratio of loans to deposits attained 7.23% by August 2024 compared to 8.67% at end of 2023 and 9.22% a year earlier. More specifically, the ratio of LBP-denominated private sector loans to LBP deposits stood at 9.25% in August, in comparison with 16.19% at year-end 2023 and 18.75% a year earlier while the ratio of foreign currency-denominated private sector loans to foreign currency deposits reached 7.17% at end of August 2024 in comparison with 8.26% at end of December 2023 and 8.72% at end of August 2023.

The consolidated capital accounts of commercial banks operating in Lebanon stood at LBP 334.91 trillion in August 2024 in comparison with LBP 76.37 trillion at end of year 2023 as a result of the aforementioned change in the official exchange rate. On a monthly basis, however, the capital accounts of the resident banking sector increased for the fourth month in a row, adding LBP 26.30 trillion ($293.89 million) in August,  LBP 40.42 trillion ($451.66 million) in July, following increases of LBP 9.89 trillion ($110.51 million) in June and LBP 7.45 trillion ($83.21 million) in May.