Byblos Bank 2012 Financial Highlights: Issuance of USD 300 million Sub-debt and Maintenance of High Liquidity
Byblos Bank showed high resilience facing the worldwide economic downturn as well as the political uncertainty in the region. By sticking to its conservative strategy, the Bank preserved its solid financial position during the year 2012, a press release said Wednesday.
The Bank successfully issued in December 2012, USD 300 million, 10-year convertible subordinated loans bearing a yearly coupon of 6.5% paid quarterly.
Byblos Bank maintained one of the most elevated liquidity levels in the banking sector. Indeed, its Primary Liquidity Placed with Central Banks and Banks amounted to USD 8.9 billion representing 66.6% of total deposits at the end of December 2012.
The capitalization of Byblos Bank recorded a high level with a Basel III Capital Adequacy Ratio of 15.5%, versus a 12% minimum regulatory requirement with full compliance by December 2015.
Byblos Bank kept a strong asset quality, thereby allocating specific and collective provisions for credit losses for an amount of USD 66.7 million during 2012, out of which USD 30.6 million are collective provisions. Gross Non-performing Loans represented 4.0% of gross loans as at 31 December 2012, and were covered up to 75.1% by specific provisions and reserved interest. The coverage ratio reaches 128.4% when collective provisions are accounted, which represents 2.3% of Net Loans. Net Non-performing Loans (net of specific provisions and reserved interest) reached 1.1% of Net Loans at the end of December 2012.
Byblos Bank’s unaudited consolidated Net Income for 2012 reached USD 169 million after allocating provisions for credit losses for an amount of USD 66.7 million. Total Assets stood at USD 17.0 billion as at 31 December 2012. Customer Deposits grew, during 2012, by 4.4% (+USD 0.6 billion) to USD 13.4 billion as at 31 December 2012, while Net Customer Loans increased during 2012 by 3.0% (+USD 0.1 billion) to reach USD 4.1 billion as at 31 December 2012.
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