BLC’s Net Profit Down by a Yearly 1.44% to $10.37M till March 2018

According to the consolidated financial statements of BLC Bank, the bank’s net profit for the first three months of the year totaled $10.37M down by 1.44% year-on-year. This drop came as a result of the tax law enforced on the banking sector.

According the banks’ accompanying highlights, “recurrent income from the operations in Lebanon, which is constituted mainly of net interest and net commissions, reached $13.6M till March 2018, up by 4% from the $13.1M registered till March 2017”.

The bank’s total assets marginally increased by 0.13% from $5.867B as at December 31, 2017 to $5.874B during the first quarter of 2018 (Q1 2018).

Loans and advances to customers fell by 1.27% since year start to amount to $1.58B by Q1 2018.

Consolidated total deposits increased by 1.82% year-to-date to settle at $3.99B as at March 31, 2018.

According to BLC’s statement “Consolidated Capital Adequacy ratio stands at 18.9%, compared to a 14.5% required by the Central Bank.”

BLC Bank’s Financial Highlights

In $ millionMar-18Dec-17YTD
Total Assets5,874.705,867.190.13%
Loans and Advances to Customers1,580.211,600.56-1.27%
Customers’ Accounts at Amortized Cost3,990.613,919.211.82%
Shareholders’ Equity568.72561.481.29%
Net Profit for the Period (*)10.3710.52(*)-1.44%

(*): Value of March 2017

Source: BLC Bank, Beirut Stock Exchange

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