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|
|Loans and Advances to Customers||1,600||1,596||-0.25%|
|Profit for the Period||24.9|| 24.4||-2.01%|
Source: BLC Bank, BSE
 Value of June 2017
 The profit drops to $19.6M after the application of the new tax law