 |
 |
ASSETS (In Thousand of Lebanese Pounds) |
| |
December 31
2020
(Audited ) |
December 31
2019
(Audited )
|
| Non interest earning cash and compulsory reserves |
159,142,509 |
162,445,719 |
| Cash and current accounts at Central Bank of Lebanon and banks |
252,689,291 |
161,980,882 |
| Term deposits at Central Bank of Lebanon & banks |
1,466,308,617 |
1,357,887,890 |
| Securities |
1,637,325,485 |
1,231,815,338 |
| Loans and advances (net of provision for credit losses) |
464,984,793 |
416,642,226 |
| Customers' acceptance liability |
46,755,721 |
31,491,993 |
| Regularization accounts and other assets |
204,112,475 |
125,596,068 |
| Property acquired in satisfaction of debt |
4,758,528 |
1,852,718 |
| Property and equipment |
39,989,872 |
38,816,927 |
| Total Assets |
4,276,067,291 |
3,528,529,761 |
| |
|
|
FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISKS |
| Guarantees and standby letters of credit |
64,799,184 |
45,120,840 |
| Documentary and commercial letters of credit |
98,841,971 |
65,899,232 |
| Forward exchange contracts |
4,439,998 |
20,195,314 |
| Interest rate swap |
90,450,000 |
90,450,000 |
| Fiduciary accounts |
2,232,425 |
895,344 |
|
LIABILITIES AND SHAREHOLDERS' EQUITY
(In Thousand of Lebanese Pounds) |
|
| |
December 31
2020
(Audited )
|
December 31
2019
(Audited )
|
December 31
2018
(Audited ) |
| Banks and Financial Institutions |
| Demand deposits |
51,289,293 |
27,739,157 |
35,013,785 |
| Short term borrowing |
415,345,537 |
320,918,801 |
164,609,148 |
| |
466,634,830 |
348,657,958 |
199,622,933 |
| |
|
|
|
| Customers' Deposits and Credit Balances |
| Demand deposits |
199,428,522 |
130,692,432 |
86,765,462 |
| Time deposits |
503,551,475 |
388,970,442 |
266,128,428 |
| Savings accounts |
2,754,050,971 |
2,405,082,530 |
1,864,029,964 |
| Other credit balances |
2,326,558 |
5,666,893 |
4,274,612 |
| |
3,459,357,526 |
2,930,412,297 |
2,221,198,466 |
| |
|
|
|
| Accounts payable and miscellaneous creditors |
43,198,700 |
35,119,522 |
19,426,794 |
| Outstanding acceptances |
46,755,721 |
31,491,993 |
13,979,656 |
| Regularization accounts and other liabilities |
47,302,176 |
35,672,345 |
24,830,131 |
| Provision for losses and contingencies |
3,111,383 |
4,237,389 |
5,306,376 |
| |
140,367,980 |
106,521,249 |
63,542,957 |
| |
|
|
|
| Total Liabilities |
4,066,360,336 |
3,385,591,504 |
2,484,364,356 |
| |
|
|
|
| Common Stock (Capital) |
78,000,000 |
30,000,000 |
30,000,000 |
| Preferred Stock |
45,224,944 |
45,224,944 |
45,224,944 |
| Reserves & Premiums |
8,227,489 |
27,702,606 |
15,448,060 |
| Revaluation Surplus |
1,438,472 |
1,438,472 |
1,438,472 |
| Changes in fair value of available-for-sale securities |
42,657,462 |
10,047,352 |
11,166,007 |
| Net income for the period |
39,076,807 |
33,443,102 |
20,241,990 |
| Less: Accrued dividends on preferred stock |
(4,918,219) |
(4,918,219) |
(3,787,594) |
| Total Shareholders' Equity |
209,706,955 |
142,938,257 |
119,731,879 |
| Total Liabilities and Shareholders' Equity |
4,276,067,291 |
3,528,529,761 |
2,604,096,235 |
|
STATEMENT OF OPERATIONS
(In Thousand of Lebanese Pounds) |
|
| |
December 31
2020
(Audited )
|
December 31
2019
(Audited )
|
December 31
2018
(Audited ) |
| Interest Income |
| Loans and advances |
36,180,580 |
28,191,964 |
24,811,071 |
| Fixed income securities (including T/B's) |
131,866,689 |
118,103,337 |
136,196,755 |
| Deposits with Central Bank of Lebanon and banks |
91,716,220 |
71,289,932 |
23,221,670 |
| Effect of reflecting compulsory funds at fair value |
1,490,336 |
7,791,882 |
(9,282,145) |
| |
261,253,825 |
225,377,115 |
174,947,351 |
| Interest Expense: |
| Customers deposits and credit balances |
178,591,180 |
148,292,795 |
129,829,426 |
| Deposits from banks |
9,819,631 |
4,920,237 |
3,357,207 |
| Interest rate swap |
235,357 |
1,865,588 |
0 |
| |
188,646,168 |
155,078,620 |
133,186,633 |
| |
|
|
|
| Net Interest Income |
72,607,657 |
70,298,495 |
41,760,718 |
| |
|
|
|
| Provisions for credit losses & write-off of loans |
667,657 |
1,423,448 |
13,121,299 |
| Provisions for aggregate identified risks |
2,696,625 |
4,708,524 |
0 |
| Write back of provision for credit losses |
(1,882,899) |
(732,938) |
(1,209,849) |
| Provisions for credit losses (less write back) |
1,481,383 |
5,399,034 |
11,911,450 |
| |
|
|
|
| Net Interest Income After Provision |
71,126,274 |
64,899,461 |
29,849,268 |
| |
|
|
|
| Commissions, fees and other revenues |
8,958,817 |
4,820,623 |
5,887,745 |
| Foreign exchange gain, net |
1,964,923 |
1,358,026 |
1,327,613 |
| Profit from sales of securities portfolio & AFS Bonds |
7,319,516 |
6,721,102 |
21,924,028 |
| Profit on Assets revaluation |
0 |
0 |
546,327 |
| |
18,243,256 |
12,899,751 |
29,685,713 |
| |
|
|
|
| Net Financial Revenues |
89,369,530 |
77,799,212 |
59,534,981 |
| |
|
|
|
| Other Expenses: |
| Salaries and related charges |
22,012,587 |
16,925,985 |
14,437,574 |
| General operating expenses |
17,688,271 |
16,027,438 |
14,214,217 |
| Depreciation and amortization |
3,741,818 |
2,963,812 |
2,335,242 |
| Provision for impairment of properties |
0 |
1,582,875 |
0 |
| Provision for contingencies and charges |
10,047 |
48,000 |
4,004,853 |
| |
43,452,723 |
37,548,110 |
34,991,886 |
| |
|
|
|
| Income Before Taxes |
45,916,807 |
40,251,102 |
24,543,095 |
| Income tax provision |
6,840,000 |
6,808,000 |
4,301,105 |
| Net Income |
|
33,443,102 |
20,241,990 |
|
SELECTED FINANCIAL DATA & RATIOS
(In Thousand of US$) |
|
| |
December 31
2020
(Audited)
|
December 31
2019
(Audited)
|
December 31
2018
(Audited ) |
| TOTAL ASSETS (AS REPORTED) |
$2,836,529 |
$2,340,650 |
$1,727,427 |
| NET LIQUID ASSETS (including securities) |
$2,331,984 |
$1,933,088 |
$1,296,124 |
| LOANS (NET OF PROVISIONS) |
$308,448 |
$276,380 |
$234,804 |
| DEPOSITS |
$2,294,765 |
$1,943,889 |
$1,473,432 |
| TOTAL SHAREHOLDERS' EQUITY |
$139,109 |
$94,818 |
$79,424 |
| INTEREST INCOME |
$173,303 |
$149,504 |
$116,051 |
| COST OF FUNDS |
$125,138 |
$102,871 |
$88,349 |
| NET INTEREST INCOME (NII) |
$48,164 |
$46,633 |
$27,702 |
| EFFECT OF DISCOUNTING ZERO COUPON |
$989 |
$5,169 |
($6,157) |
| PROVISION FOR CREDIT LOSSES (less write back) |
$983 |
$3,581 |
$7,901 |
| NON INTEREST INCOME (NET) |
$12,102 |
$8,557 |
$19,692 |
| NET FINANCIAL REVENUES (NFR) |
$59,283 |
$51,608 |
$39,493 |
| OPERATING EXPENSES (excluding depreciation of fixed assets) |
$26,336 |
$21,860 |
$19,006 |
| NON OPERATING EXPENSES (provision for conting. & depr. of F/A) |
$2,489 |
$3,048 |
$4,206 |
| EARNINGS BEFORE TAX (EBT) |
$30,459 |
$26,701 |
$16,281 |
| NET INCOME AFTER TAX |
$25,922 |
$22,184 |
$13,428 |
| RATIO NII TO AVERAGE TOTAL ASSETS |
1.86% |
2.29% |
1.94% |
| RETURN ON AVERAGE ASSETS (ROAA) |
1.00% |
1.09% |
0.94% |
| RETURN ON AVERAGE EQUITY (ROAE) |
22.16% |
25.46% |
22.44% |
| RETURN ON AVERAGE TIER ONE COMMON EQUITY |
33.07% |
38.51% |
29.53% |
| SOLVENCY RATIO |
22.26% |
18.80% |
21.40% |
| NET LIQUID ASSETS (including securities) TO DEPOSITS |
101.62% |
99.44% |
87.96% |
| COST TO INCOME |
44.42% |
42.36% |
48.12% |
| GROWTH IN TOTAL ASSETS (year-to-year) |
21.19% |
35.50% |
52.44% |
| GROWTH IN DEPOSITS (year-to-year) |
18.05% |
31.93% |
54.42% |
| GROWTH IN LOANS (year-to-year) |
11.60% |
17.71% |
18.72% |
| GROWTH IN EQUITY (year-to-year) |
46.71% |
19.38% |
45.03% |
| GROWTH IN NET FINANCIAL REVENUES (year-to-year) |
14.87% |
30.68% |
65.06% |
| GROWTH IN NET INCOME (year-to-year) |
16.85% |
65.85% |
81.64% |
|
|
| |
|
|
