Bank of Beirut released its audited financial statements for the year 2024 conveying a huge fluctuation in figures as a result of the change in the official exchange rate from LBP 15,000 per USD in 2023 to LBP 89,500 per USD in 2024. The bank registered a net after-tax profit of LBP 107.83 billion (around $1.20 million) in the year 2024 compared to a net loss of LBP 600.67 billion (around $40 million) in 2023. In details, net interest income reached LBP 10.55 trillion compared to LBP 2.68 trillion in 2023, with net commission & fee income standing at LBP 4.95 trillion compared to LBP 1.43 trillion in 2023. Bank of Beirut also reported net gains on financial instruments & other operating income of LBP 10.79 trillion (of which some LBP 6.08 trillion in the form of net gains on financial assets at FVTPL), compared to a net loss of LBP 1.97 trillion in 2023 (of which LBP 2.93 trillion in net loss on financial assets at FVTPL). The bank booked some LBP 6.40 trillion (circa $71.48 million) in allowance for expected credit losses in 2024 compared to LBP 108.99 billion (circa $7.27 million) in 2023. Consequently, net operating income stood at LBP 13.95 trillion in comparison with a net operating income of LBP 1.93 trillion in 2023. In parallel, the bank’s operating expenses stood at LBP 11.03 trillion (around $123.26 million), of which personnel expenses of LBP 5.54 trillion (around $61.87 million) and other operating expenses of LBP 4.64 trillion (around $51.83 million). On the balance sheet front, Bank of Beirut’s consolidated assets attained LBP 747.89 trillion ($8.36 billion) at end of 2024, with cash & balances with Central Banks reaching LBP 416.15 trillion (around $4.65 billion) and net loans & advances reaching LBP 176.50 trillion (around $1.97 billion; of which some LBP 136.64 trillion stem from retail performing loans and around LBP 30.68 trillion from corporate & SME performing loans). Customer deposits at Bank of Beirut ended the year 2024 at LBP 629.67 trillion ($7.04 billion) compared to LBP 107.17 trillion ($7.14 billion) at end of 2023. In this context, the bank’s ratio of net loans-to-customer deposits settled higher at 28.03% at end of December 2024 compared to 26.42% a year earlier. The bank’s shareholders’ equity increased from LBP 16.42 trillion ($1.09 billion) in 2023 to LBP 57.23 trillion ($639.46 million) in 2024 buttressed by some LBP 48.04 trillion in foreign currency translation reserves. Finally, the bank’s Common Equity Tier 1 ratio reached 7.11% in 2024, down from 7.48% in 2023, with the Tier 1 and Total Capital Adequacy ratios concurrently dropping from 8.80% and 9.66% to 7.39% and 8.44% respectively over the same period.