About 18.4 billion pounds profit of private banks in Syria until the third quarter 2019 .. and assets exceed 2.395 trillion pounds
The financial statements of the private banks operating in Syria and viewed by Business2Business website (13 banks), with the exception of the Bank of Syria and the Gulf for the first nine months of 2019, revealed a rise in net profit by a combined 53.87%, while assets recorded Banks hit a record high of 2.395 trillion Syrian pounds.
According to data published by the Syrian Securities and Financial Markets Authority, the net profit of the 13 banks, excluding the Bank of Syria and the Gulf, exceeded LBP 18.433 billion with a combined increase of 53.87% compared to the same period last year which amounted to LBP 9,930 billion.
The assets of the Syrian private banks recorded an increase from 2.137 trillion pounds at the end of 2018 to 2.395 trillion pounds at the end of the first nine months of this year.
Total shareholders' equity with private banks in Syria rose from LBP 328.5 billion on December 31, 2018 to LBP 349.7 billion as of the third quarter of 2019, according to Business2Business.com.
In detail, 10 banks out of 13 have recorded an increase in net profit, whereas the profits of three banks, namely Bemo Saudi Fransi Bank, decreased by 146.53%, Bank of Syria and Overseas by 90.81%, and Arab Bank of Syria by 62.83%.
While the bank "Fransabank" 13 private banks in terms of the highest rise in the first nine months of this year after the net profit rose by 831.06% from 1.08 billion pounds to 10.145 billion pounds, followed by "Bank of the East" by 600% after its profits jumped From 290 million pounds to 2.029 billion pounds, and third came "Sham Bank" net profit amounted to 1.5 billion pounds, an increase of 362%.
As for the three Islamic banks operating in the Syrian market, they achieved a net profit of SYP 10.2 billion during the first nine months of 2019, compared to the profits of SYP 5.8 billion during the same period of 2018, an increase of 57.09%. Islamic banks have not lost in both periods in 2017 and 2018.
According to the financial statements, Al Baraka Bank Syria was the highest profitable among private banks during the 9 months of 2019, with a profit of 4.5 billion Syrian pounds compared with 3.4 billion pounds in the same period last year (up by 34.24%), followed by "Bank International Islamic Bank "with a profit of 4.1 billion Syrian pounds compared with a profit in the same period last year of 2.1 billion pounds (up by 96.79%), and then the Bank of the East third with a profit of 2 billion Syrian pounds compared with 290 million Syrian pounds in the same period last year (Up 600%), and fourth
Al Baraka Bank achieved the largest profit among Islamic banks, where its profits amounted to about 4.5 billion Syrian pounds (34.24% higher than last year's profits), while Syria International Islamic Bank came second by the end of the first nine months of 2019 with a profit of 4.1 billion Syrian pounds. While the profits of Sham Bank amounted to about 1.5 billion Syrian pounds (362% higher than the profits of the same period of 2018).
The financial statements showed a loss of 3 conventional banks by the end of the first nine months of 2019, the bank "Bemo Saudi Fransi", which the highest loss by 146.53% after falling net profit from 2.4 billion pounds to 1.1 billion pounds in the first nine months of 2019, followed by `` Bank of Syria and Overseas '', whose profits fell from 2.5 billion pounds to 236 million pounds and thirdly came `` Arab Bank Syria '' loss from 1.053 billion in 2018 to a loss of 391 million pounds by the end of the third quarter 2019, a decrease of 62.83%.
