Banque BEMO published its audited financial statements for the year 2023 conveying a huge fluctuation in figures as a result of the change in the official exchange rate from LBP 1,507.5 per USD in 2022 to LBP 15,000 per USD in 2023. In figures, Banque BEMO reported a net after-tax profit of LBP 6.08 billion ($0.41 million), compared to a net after-tax loss of LBP 86.71 billion in 2022. In details, the bank’s net interest income reached LBP 95.18 billion compared to LBP 94.86 billion in 2022, with net commission & fee income standing at LBP 253.85 billion compared to LBP 2.82 billion in 2022. Banque BEMO also reported net gain on financial instruments & other operating income of LBP 63.42 billion in 2023 (of which some LBP 21.63 billion ($1.44 million) stem from net interest & other gains on the FVTPL portfolio and some LBP 41.79 billion ($2.79 million) come from other operating income). The bank also registered a net gain on exchange of LBP 384.46 billion ($25.63 million) in 2023, in comparison with a net loss of LBP 103.57 billion in 2022. Banque BEMO booked a net credit loss expense of LBP 433.40 billion in 2023, compared to an impairment loss of LBP 7.78 billion in 2022. Consequently, the bank registered a net operating income of LBP 363.52 billion in 2023, compared to a net operating loss of LBP 7.40 billion a year earlier. The bank’s total expenses attained LBP 295.79 billion in 2023 of which staff costs of LBP 202.00 billion and other operating expenses of LBP 90.63 billion. On the balance sheet front, Banque BEMO's total assets attained LBP 27,053.49 billion at end of 2023 with cash and deposits with Central Banks reaching LBP 22,213.15 billion and net loans & advances standing at LBP 870.65 billion. Banque BEMO’s financial assets held at Fair Value Through Profit or Loss stood at LBP 81.80 billion, while its investment securities portfolio amounted to LBP 2,987.49 billion. On the liabilities side, customer deposits ended the year 2023 at LBP 20,355.90 billion compared to LBP 2,587.10 billion in 2022. In this context, the bank’s ratio of net loans to customer deposits receded to 4.28% in 2023 from 16.86% in 2022. Banque BEMO’s shareholders’ equity increased from LBP 224.31 billion in 2022 to LBP 432.04 billion in 2023 as a result of the difference of exchange of LBP 229.05 billion bolstering the value of financial assets booked at fair value through other comprehensive income (FVOCI) to LBP 186.85 billion. Finally, the bank’s Common Equity Tier 1, Tier 1, and Total Capital Adequacy ratios dropped to 1.30%, 1.73%, and 3.39% respectively in 2023, down from 4.95%, 8.52%, and 10.40% in 2022.