BEMO Bank’s Profits Up by 8.24% YTD to $7.90M in H1 2017

The consolidated financial statements of BEMO Bank showed an increase of 8.24% year-to-date(y-t-d) in profits to $7.90M in the first half of 2017 (H1 2017). In fact, Net interest and other gain on the Fair Value through Profit and Loss (FVTPL) portfolio more than doubled on an annual basis to stand at $4.65M by end June 2017.  

However, Net interest income went down by 7.51% y-t-d to $12.19M and Net fees and commission Income dropped by 6.54% y-t-d to $2.42M during the same period.

The banks’ balance sheet revealed that total assets went down by 2.61% to $1.71B since year start and that customer loans increased by 9.27% y-t-d to $752.34M. On the liabilities side, customers’ deposits dropped by 3.27% since year start to $1.33B while shareholders’ equity increased by 1.11% y-t-d to $162.62M.

BEMO Bank’s Financial Highlights for H1 2017

in thousands of USD30-Jun-1731-Dec-16YTD
Total Assets   1,712,419   1,758,242-2.61%
Net loans and Advances to Customers at Amortized Cost      752,343      688,5099.27%
Customers’ Deposits at Amortized Cost   1,333,517   1,378,569-3.27%
Total Shareholders’ Equity      162,622      160,8331.11%
Profit for the Period          7,898          7,297


Source: BEMO, Beirut Stock Exchange

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