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|
|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