BLC’s 2016 Profits are Up by a Yearly 2.45%

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)

Dec-16 Dec-15 % change
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%

Source: Beirut Stock Exchange (BSE)

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