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 USD||30-Jun-17||31-Dec-16||YTD|
|Total Assets|| 1,712,419|| 1,758,242||-2.61%|
|Net loans and Advances to Customers at Amortized Cost|| 752,343|| 688,509||9.27%|
|Customers’ Deposits at Amortized Cost|| 1,333,517|| 1,378,569||-3.27%|
|Total Shareholders’ Equity|| 162,622|| 160,833||1.11%|
|Profit for the Period|| 7,898|| 7,297|
Source: BEMO, Beirut Stock Exchange