As per BLC’s consolidated financial statements, net income climbed by 2.45% year on year (y-o-y) to stand at $45.2M in December 2016. In details, Net Fees & Commission Income, the bulk of BLC’s income from operations in Lebanon, rose by 3.86% to $18.85M, while Net interest income stood at $120.19M, 4.54% lower than its December 2015 level.
On the balance sheet, Net Loans and Advances to customers declined by 3.09% to $1.85B, as BLC announced the redemption of several special loans throughout the year. In addition, according to BLC’s statement, although the devaluation of the euro/dollar exchange rate had a negative impact on consolidation, BLC’s Total Assets remained unchanged, at $5.75B as of December 31, 2016.
As for liabilities, Customers’ Deposits at BLC registered a 2.36% y-o-y growth to $4.7B, while Shareholders’ Equity improved by 13.89% to stand at $575.41M by Dec. 2016.
Financial Highlights of BLC ($B)
|Net Profits ($M)||45.20||44.10||+ 2.45%|
|Total Assets||5.75||5.74||+ 0.1%|
|Customers’ Deposits||4.70||4.58||+ 2.36%|
|Shareholders’ Equity||0.575||0.505||+ 13.89%|
|Net Loans and Advances to Customers||1.85|| 1.91|| -3.09%|
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Source: Beirut Stock Exchange (BSE)