The combined net after tax profit of 5 Lebanese banks’ Syrian subsidiaries, namely Bank of Syria & Overseas, Bank BEMO Saudi Fransi, Sharq Bank, Syria Gulf Bank, and Fransabank Syria fell markedly by around SYP 1,115.29 billion (70.54%) on an annual basis to SYP 465.81 billion ($34.08 million) in the first nine months of 2024, down from around SYP 1,581.09 billion ($141.17 million) in the same period in 2023. This owes to the 77.24% decrease in structural FX revaluation gains to SYP 365.82 billion ($26.76 million) which outweighed the 297.70% increase in net interest income to SYP 241.30 billion ($17.65 million) and the 92.96% rise in net fee & commission income to SYP 337.01 billion ($24.66 million) which resulted in a 47.25% drop in operating income to just below SYP 993.87 billion ($72.72 million). Operating expenses, on the other hand, saw a sharp 87.49% annual increase YTD September 2024 to SYP 570.85 billion ($41.77 million). It is worth noting that profitability, when measured in US Dollar, shows a 75.86% annual decrease YTD September 2024. Bank BEMO Saudi Fransi recorded the highest profit figure ($13.43 million), followed by Bank of Syria & Overseas ($6.74 million), Syria Gulf Bank ($6.48 million), Fransabank Syria ($4.07 million), and Sharq Bank ($3.36 million).

On the balance sheet front, the combined assets of Lebanese banks’ Syrian subsidiaries widened by 23.48% in the first nine months of 2024 to SYP 16,345.07 billion ($1,195.86 million). The share of Bank BEMO Saudi Fransi of the combined assets of the five aforementioned banks stood at 50.01%, that of Syria Gulf Bank reached 16.39%, Bank of Syria & Overseas’ share leveled at 16.08%, the share of Fransabank Syria reached 10.44%, and the share of Sharq Bank stood at 7.07%. The combined net loans portfolio of the aforementioned banks rose by 52.71% in the first nine months of 2024 to SYP 1,987.93 billion ($145.44 million), with their combined customer deposits increasing by 22.71% to SYP 9,479.64 billion ($693.56 million). On the capitalization front, the combined equity of all five banks widened by 20.20% to SYP 4,378.23 billion ($320.33 million) YTD September 2024.