According to Bank BEMO’s unaudited consolidated financial statements, the bank’s profit for 2018’s third quarter (Q3) totaled $13.33M compared to $13.32M in the same period last year. The growth in the bank’s profits was most likely linked to the yearly rise in Net interest income by 36.18% to $26.26M by September 2018. In their turn, Net fees & Commission Income recorded an annual uptick of 7.40% to $4.66M.
The BDL incentives to offer banks product with attractive returns led to an increase in the “Cash reserves and deposits at central Banks”, a sub-asset, and “Loans from the Central Bank”, a liability, which grew from $419.39M and $42.12M to $722.57M and $241.83M, respectively.
Total assets of the bank grew by 16.33% since year-start to $2.06B by September 2018. However, Loans and advances to customers at amortized costs recorded a downtick of 2.38% year-to-date (y-t-d) to $743.73M.
Moreover, on the Liabilities side, Customers’ deposits at amortized costs slipped by 0.94% since year start to settle at $1.32B in Q3 2018. As for the Shareholders’ equity, it decreased by 1.69% y-t-d to $171.40M
Bank BEMO Financials: Q3 2018
| In Millions $||Sep-18||Dec-17|
|Net Loans and Advances to Customers at Amortized Cost||743.73||761.88|
|Customers’ Deposits at Amortized Cost||1,309.69||1,322.11|
|Profit for the period||13.33||13.32|
Source: BEMO Bank, Beirut Stock Exchange