Banque BEMO reported a 15.40% annual increase in net income to $10.32M. This increase was primarily due to a $2.72M write-back of provisions and an 11.77% y-o-y decrease in administrative expenses to $7.01M. The bank’s net financial revenues displayed a slight 1.82% drop to $28.80M on the back of a 2.44% yearly decline in net interest income to $18.11M by end-September, 2015.
Regarding the balance sheet on the liabilities side, customers’ deposits at amortized cost increased by 9.62% y-t-d to attain $1.29B, thereby leading the 8.57% increase in total footings over the same period to $1.60B. Meanwhile, net loans and advances to customers gained 8.01% since the start of 2015 to $693.79M.
Shareholders’ equity experienced an upturn of 3.26% over the first three quarters of 2015 to a value of $131.47M.
Banque BEMO’s Financial Results ($M)
|Sept 30, 2015||Dec 31, 2014||% change|
|Loans and Facilities to Customers||693.79||642.33||8.01%|
|Net Profit ||10.32||8.95*||15.40%|
|* September 2014|
Source: BEMO Bank