Byblos Bank Reports First Annual Loss Since 1963

Byblos Bank, one of the biggest banks in Lebanon, reported its first annual loss since its inception in 1963 due to the allocation of “collective provisions” for the bank’s expected credit losses on its portfolio of Lebanese Eurobonds.
The bank said "several dramatic factors have come together for the first time since Lebanon’s independence 75 years ago and caused the Lebanese banking sector to suffer unprecedented losses in 2019".
Byblos Bank recorded in 2019 a total of $122 million in losses. Total assets dropped by 12 percent to $21.918 billion, resulting mainly from the decrease in customer deposits by 5.9 percent to $17.376 billion.
Total net customer loans dropped by 18 percent to $4.470 billion, due to the deterioration of the economic and financial conditions in the country, the bank said in a statement.
Total equity dropped by 13 percent to $1.950 billion, resulting from the losses incurred in 2019.
Emicool Secures First-ever Green Financing To Boost Sustainable Growth
The liquidity generated will be strategically deployed to accelerate the company’s district cooling projects across t... Read more
UAEs Ruya Becomes First Global Islamic Bank To Offer Shariah-compliant Crypto Trading
Digital Islamic bank ruya teams up with Fuze to offer secure, ethical crypto investments aligned with Islamic financial... Read more
Startups In Abu Dhabis Hub71 Secured $2.17bn In Funding Last Year
Hub71 startups in Abu Dhabi saw massive increase in funding in 2024 as innovation economy thrives Read more
UAE Fintech Pay10 First To Launch On Central Banks Open Finance Framework
The company has acknowledged the Central Bank of the UAE's crucial role in facilitating a responsible and secure rollou... Read more
PayPal Expands In MEA Region With Its Newly Launched Hub In Dubai
Will serve 80 countries in Middle East and Africa from its Dubai Internet City hub; Has signed several deals with regio... Read more
New Board Certifies DMCC Tradeflow As Fully Shariah Compliant
Shariah Supervisory Board appointed to oversee Tradeflow’s Islamic finance offering; Certified fully-compliant with A... Read more