The consolidated financial statements of BEMO Bank showed an increase in the bank’s profit of 28.2% year-on-year (YOY) to $13.32M by September 2017. The higher profit was a result of an increase in the net interest and other gain on the FVTPL (fair value through profit or loss portfolio) from $3.4M by September 2016 to $5.03M by September 2017.
The banks’ balance sheet revealed that total assets went up by 1.65% since year-start to $1.79B and that customer loans at amortized cost increased by 9.42% since year-start to $753.38M. On the liabilities side, customers’ deposits at amortized cost rose by 0.44% since year start to $1.39B while shareholders’ equity increased by 4.55% y-t-d to $168.14M.
BEMO Bank’s Financial Highlights by September 2017
in millions of USD | Sep-17 | Dec-16 | YTD |
Total Assets | 1,787 | 1,758 | 1.65% |
Net loans and Advances to Customers at Amortized Cost | 753.38 | 688.51 | 9.42% |
Customers’ Deposits at Amortized Cost | 1,385 | 1,379 | 0.44% |
Total Shareholders’ Equity | 168.14 | 161 | 4.55% |
Profit for the Period | 13.32 | 10.39(*) | 28.20% |
(*): Value of September 2016
Source: BEMO Bank, Beirut Stock Exchange