BLC’s bank Net Profit Down to $28.94M by September 2018

According to BLC Bank’s unaudited consolidated financial statements, the bank’s net Profit fell from $34.96M to $28.94M in Q3 2017.Worth mentioning, this major fall is attributed to the new tax law. In Details, both “Net interest Income” and “Net fee & commission income” increased by 2.61% & 0.17% to reach $74.94M & $13.43M, respectively.

Total assets of the bank grew by only 0.3% from December last year to reach $5.88B. In details, the amount of deposits with banks and financial institutions increased to $164.36M compared to $104.06M in 2017. However, “Loans to customers at amortized costs” recorded a downtick of 0.20% year-to-date (y-t-d) from $ 1.6B to $1.597 B.

On the Liabilities side, “Cash reserves and deposits at the Central Bank” rose by 2.6% since year start to settle at $3.93B in Q3 2018. As for the total Shareholders’ equity, it increased by 1.38% y-t-d to reach $565M.

 

BLC Bank’s Financial Highlights in Q3 2018
(In millions of US$) Dec 2017 Sep 2018 YTD
Total Assets 5,867 5,884 0.28
Loans and Advances to Customers 1,601 1,597 0.21%
Customers’ Deposits 3,919 3,934 0.39%
Shareholders’ Equity 557 565 1.42%
Profit for the Period 34.96*                28.9* -17.21%

*September 2017

Source:  BLC Bank, BSE

 

Leave a Reply

Your email address will not be published.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