Bank BEMO’s Net Profit Up by an Annual 2.74% to $4.06M in Q1 2018

According to Bank BEMO’s unaudited consolidated financial statements, the bank’s profit for 2018’s first quarter (Q1) totaled $4.06M compared to $3.96M int the same period last year.

The boost in the bank’s profits was most likely triggered by the rise in Net interest income from $5.57M in Q1 2017 to $7.93M in Q1 this year. In their turn, Net fees & Commission Income also rose by an annual 5.03% to $1.29M thereby supporting Bank BEMO’s profits for the period.

Total assets of the bank grew by 7.82% since year-start to $1.91B, with Loans and advances to customers at amortized costs also recording an uptick of 0.58% year-to-date (y-t-d) to $766.3M.

As for the Shareholders’ equity, it increased by 0.79% y-t-d to $175.73M. Meanwhile, Customers’ deposits at amortized costs slipped by 0.54% since year start to settle at $1.31B in Q1 2018.

Bank BEMO Financials: Q1 2018

In $ millionDec-17Mar-18YTD
Total Assets                             1,768.78                            1,907.167.82%
Loans and Advances to Customers at Amortized Cost                                761.88                                766.270.58%
Customers’ Deposits at Amortized Cost                             1,322.12                            1,314.94-0.54%
Shareholders’ Equity                                174.36                                175.730.79%
Profit for the Period                                     *3.96                                     4.062.74%

 (*): Value of March 2017

Source: BEMO Bank, Beirut Stock Exchange

Leave a Reply

Your email address will not be published. Required fields are marked *