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 $ million | Dec-17 | Mar-18 | YTD |
| Total Assets | 1,768.78 | 1,907.16 | 7.82% |
| Loans and Advances to Customers at Amortized Cost | 761.88 | 766.27 | 0.58% |
| Customers’ Deposits at Amortized Cost | 1,322.12 | 1,314.94 | -0.54% |
| Shareholders’ Equity | 174.36 | 175.73 | 0.79% |
| Profit for the Period | *3.96 | 4.06 | 2.74% |
(*): Value of March 2017
Source: BEMO Bank, Beirut Stock Exchange