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 |
Total Assets | 2,057.70 | 1,768.78 |
Net Loans and Advances to Customers at Amortized Cost | 743.73 | 761.88 |
Customers’ Deposits at Amortized Cost | 1,309.69 | 1,322.11 |
shareholder’s equity | 171.40 | 174.360 |
Profit for the period | 13.33 | 13.32 |
Source: BEMO Bank, Beirut Stock Exchange