Byblos Bank announces financial results of 2012

The Bank successfully issued in December 2012, $300m, 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 $8.9bn 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 $66.7m during 2012, out of which $30.6m 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 $169m after allocating provisions for credit losses for an amount of $66.7m. Total Assets stood at $17.0bn as at 31 December 2012. Customer Deposits grew, during 2012, by 4.4% (+$0.6bn) to $13.4bn as at 31 December 2012, while Net Customer Loans increased during 2012 by 3.0% (+$0.1bn) to reach $4.1bn as at 31 December 2012.