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