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)