BLC Bank’s Net Profits Dropped to $27.75M by September 2016

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-16Dec-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

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