BLOM Bank announced today its un-audited financial results for the 2017 year. Despite a precarious economic and political environment in Lebanon and the region, BLOM Bank managed to record a notable performance. Net profit increased to $484.69 million, up by 4.72% from year 2016, and implied a rate of return on average common equity of 17.19% and a rate of return on average assets of 1.56% — both the highest among listed banks. As important, profits were driven by the Bank’s successful operations in Lebanon and abroad.
Equally notable was the bank’s steady growth in its main balance sheet items. Assets increased to $32.52 billion, up by 10.20% from year 2016; deposits rose to $26.64 billion, higher by 7.38%; loans increased to $7.53 billion, up by 5.22%; and shareholders’ equity rose to $3.00 billion, higher by 2.49%.
Once again, the Banks’ conservative strategy and its excellent managerial and operational efficiency, as reflected in the lowest cost-to-income ratio among listed banks at 34.36%, equipped the Bank with enough flexibility and fortitude to surpass the difficult operating conditions facing it and to remain one of the leading banks in the region.