BEMO Bank Profits Almost Doubled in 2014 at $11.17M

BEMO Bank published its unaudited 2014 financial results revealing a yearly increase in its net profits by 74.9% to $11.17M. The progress resulted of gains in the net financial revenues that surged by 18.4% y-o-y to $39.05M. Total expenses followed the same path, yet at a slower pace, revealing a 15.5% growth to $25.26M. By the end of 2014, BEMO’s total assets stood at $1.48B, a minor 0.6% annual downtick. Net loans and advances to clients managed to show a 5.5% growth to $642.58M, while customers’ deposits barely added 0.7% y-o-y to $1.17B. Total shareholders’ equity registered a 9.1% yearly drop to $126.74M compared to $139.50M registered in 2013.

BEMO 2014 Financial Highlights (In $M)

 

Dec-13Dec-14

Customer’s Deposits

1,169.97

1,178.170.7%

Net Loans & Advances to Customers

609.20

642.58

5.5%

Total Assets

1,484.63

1,476.06

-0.6%

Net Profit

6.39

11.1774.9%

Shareholders’ Equity

139.50126.74

-9.1%

 

Source: Company Data

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