BLC Bank posted a 15.33% yearly drop in its net profits to $27.75M, end of September 2016. This drop is due to booking of additional provisions in USB Bank, BLC Bank’s subsidiary in Cyprus. In details, net interest income declined by 2.65% annually, to $89.74M, while net fees and commission income added 1.19% to $13.99M, end of September 2016.
Looking at the balance sheet, total assets narrowed by 6% year-to-date (y-t-d) to $5.40B by September 2016, as loans and advances to customers contracted 3.39% to $1.84B, during the same period.
On the liabilities side, customers’ deposits decreased 1.28% since year start, to $4.52B by the 3rd quarter of 2016.
As for total shareholders’ equity, it decreased 4.39% y-t-d, to $483.06M, by September 2016.
Worth mentioning that BLC Bank’s capital adequacy ratio stood at 14.2%, compared to the required ration of 12%.
BLC Bank Financials for Q3
($M) | Sep-16 | Dec-15 | % Change |
Net Profits | 27.75 | 32.78 * | -15.33% |
Total Assets | 5,396.76 | 5,741.09 | -6.00% |
Customers’ Deposits | 4,523.54 | 4,582.37 | -1.28% |
Total Equity | 483.06 | 505.25 | -4.39% |
*Value of September 2015
Source: BSE News