Bank BEMO’s Net Profit Up by an Annual 0.04% to $13.33M in Q3 2018

According to Bank BEMO’s unaudited consolidated financial statements, the bank’s profit for 2018’s third quarter (Q3) totaled $13.33M compared to $13.32M in the same period last year. The growth in the bank’s profits was most likely linked to the yearly rise in Net interest income by 36.18% to $26.26M by September 2018. In their turn, Net fees & Commission Income recorded an annual uptick of 7.40% to $4.66M.

The BDL incentives to offer banks product with attractive returns led to an increase in the “Cash reserves and deposits at central Banks”, a sub-asset, and  “Loans from the Central Bank”, a liability, which grew from $419.39M and $42.12M to $722.57M and $241.83M, respectively.

Total assets of the bank grew by 16.33% since year-start to $2.06B by September 2018. However, Loans and advances to customers at amortized costs recorded a downtick of 2.38% year-to-date (y-t-d) to $743.73M.

Moreover, on the Liabilities side, Customers’ deposits at amortized costs slipped by 0.94% since year start to settle at $1.32B in Q3 2018. As for the Shareholders’ equity, it decreased by 1.69% y-t-d to $171.40M

Bank BEMO Financials: Q3 2018

 In Millions $ Sep-18 Dec-17
Total Assets 2,057.70 1,768.78
Net Loans and Advances to Customers at Amortized Cost 743.73 761.88
Customers’ Deposits at Amortized Cost 1,309.69 1,322.11
shareholder’s  equity 171.40 174.360
Profit for the period 13.33 13.32

Source: BEMO Bank, Beirut Stock Exchange

 

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