The consolidated financial statements of BEMO Bank showed an increase of 16.71% year-on-year (y-o-y) in Profits to $18.4M in Q4 2017. In fact, Net interest and other gain on the Fair Value through Profit and Loss (FVTPL) portfolio retreated from $8.4M in Q4 2016 to $5.5M in the same period of 2017.
However, Net interest income went up by 11.85% y-o-y to $27.83M and Net fees and commission income rose by 2.73% y-o-y to $5.7M during the same period.
The bank’s balance sheet revealed that Total assets rose incrementally by 0.63% y-o-y, to settle at $1.77B by December 2017, and that Customer loans increased by an annual 10.72%, to $762.3M. On the liabilities side, Customers’ deposits dropped by a yearly 3.85% to stand at $1.33B, while Shareholders’ equity increased by 8% y-o-y to $173.7M.
BEMO Bank’s Financial Highlights in Q4 2017
|in thousands of USD ||31-Dec-17||31-Dec-16||Y-o-Y|
|Total Assets|| 1,769,357|| 1,758,242||0.63%|
|Net Loans and advances to customers at amortized cost|| 762,302|| 688,509||10.72%|
|Customers’ Deposits at amortized cost|| 1,325,473|| 1,378,569||-3.85%|
|Total Equity|| 173,698|| 160,833||8.00%|
|Profit for the period|| 18,383|| 15,751||16.71%|
Source: Beirut Stock Exchange