According to Bank BEMO’s unaudited consolidated financial statements, the bank’s profit for the first quarter of 2017 reached $3.96M compared to $3.7 in the same period of 2016. With net interest income and net fees and commissions income falling since year start, the revaluation of the banks’ assets registered at fair value is behind the increase in profit.
Total assets grew by 0.30% since year-start to $1.76B with loans and advances to customers at amortized costs also rising by 5.18% year-to-date to $725.07M.
Shareholders’ equity increased by 2.69% to $164.57M. Whereas customers’ deposits at amortized costs remained almost unchanged at $1.38B as at end March 2017.
Bank BEMO Q1 2017 Financials
In $ million
|Total Assets|| 1,758.81|| 1,764.11||0.30%|
|Loans and Advances to Customers at Amortized Cost|| 689.38|| 725.07||5.18%|
|Customers’ Deposits at Amortized Cost|| 1,383.95|| 1,383.76||-0.01%|
|Shareholders’ Equity|| 160.26|| 164.57||2.69%|
|Profit for the Period|| 3.70|| 3.96|
(*): Value of March 2016
Source: BEMO Bank, Beirut Stock Exchange