BLC Bank’s Net Profit Down by 2.01% at $19.6M in H1 2018

 According to BLC Bank’s unaudited consolidated financial statements, the bank’s profit for 2018’s first half (H1) totaled $24.4M compared to $24.9M in the same period last year. However, the net profit for H1 2018 will drop to $19.6M after the application of the new tax law.

The decrease of the bank’s profits could be attributed to the drop in Net interest income from $59.87M in H1 2017 to $44.12M in H1 this year. Meanwhile, the Net Fee and commission income dropped by 7.3% in H1 2018 compared to the same period last year to reach $9.49M.  

Total assets of the bank grew by 0.6% since year-start to $5.9B, with Loans and advances to customers at amortized costs recording a downtick of 0.23% year-to-date (y-t-d) to $1.6B.

As for the total Shareholders’ equity, it increased by 0.74% y-t-d to $565.66M. Meanwhile, Customers’ accounts at amortized costs rose by 2.6% since year start to settle at $4.02B in H1 2018.

According to BLC’s statement “Consolidated Capital Adequacy ratio stands at 18.1%, compared to a 14.5% required by the Central Bank.”

BLC Bank Financials: H1 2018

     
(In millions of US$) Dec-17 Jun-18 YTD
Total Assets 5,867 5,902 0.60%
Loans and Advances to Customers 1,600 1,596 -0.25%
Customers’ Deposits 3,919 4,021 2.60%
Shareholders’ Equity 561.47 565.65 0.74%
Profit for the Period 24.9[1]                                          24.4[2] -2.01%

 Source:  BLC Bank, BSE

[1] Value of June 2017

[2] The profit drops to $19.6M after the application of the new tax law

 

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