BEMO Bank’s Profits Up by 28.2% YOY to $13.32M by September 2017

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

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