BLC’s Net Profit Down by a Yearly 37.61% to $6.47M in Q1 2019

According to the consolidated financial statements of BLC Bank, the bank’s net profit for the first three months of the year totaled $6.47M down by 37.61% year-on-year. BLC attributes to “The recent economic crisis and the resulting increase in cost of funds and shrinking margin.” In details , Net interest income fell from $22.67M in Q1 2018 to $16.78M in Q1 2019. Net fees commissions income also retreated by an annual 5.5% to $4.03M over the same period.

BLC bank’s balance sheet showed that Total assets rose by  0.16% to $5.06B since year start, while Customer loans declined by 2.53% year-to-date (YTD) to $1.57B in Q1 2019. On the liabilities side, Customers’ deposits revealed a decline of 1.18% YTD to reach $3.86B and Shareholders’ equity dropped by 7.58% YTD to $531.78M over the same period.

BLC Bank’s Financial Highlights: Q1 2019

In $ million Mar-19 Dec-18 YTD
Total Assets 5,062 5,054 0.16%
Loans and Advances to Customers 1,567 1,607 -2.53%
Customers’ Accounts at Amortized Cost 3,862 3,908 -1.18%
Shareholders’ Equity 531.78 575.43 -7.58%
Net Profit for the Period (*) 6.47 10.37 -37.63%

 

(*): Value of March 2018

Source: BLC Bank, Beirut Stock Exchange

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