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