The consolidated financial statements of BEMO Bank showed an increase of 16.71% year-on-year (y-o-y) in Profits to $18.4M in Q4 2017. In fact, Net interest and other gain on the Fair Value through Profit and Loss (FVTPL) portfolio retreated from $8.4M in Q4 2016 to $5.5M in the same period of 2017.
However, Net interest income went up by 11.85% y-o-y to $27.83M and Net fees and commission income rose by 2.73% y-o-y to $5.7M during the same period.
The bank’s balance sheet revealed that Total assets rose incrementally by 0.63% y-o-y, to settle at $1.77B by December 2017, and that Customer loans increased by an annual 10.72%, to $762.3M. On the liabilities side, Customers’ deposits dropped by a yearly 3.85% to stand at $1.33B, while Shareholders’ equity increased by 8% y-o-y to $173.7M.
BEMO Bank’s Financial Highlights in Q4 2017
in thousands of USD | 31-Dec-17 | 31-Dec-16 | Y-o-Y |
Total Assets | 1,769,357 | 1,758,242 | 0.63% |
Net Loans and advances to customers at amortized cost | 762,302 | 688,509 | 10.72% |
Customers’ Deposits at amortized cost | 1,325,473 | 1,378,569 | -3.85% |
Total Equity | 173,698 | 160,833 | 8.00% |
Profit for the period | 18,383 | 15,751 | 16.71% |
Source: Beirut Stock Exchange