BLOM Bank announced today its consolidated financial results for the first quarter of 2019.
Given the difficult operating conditions characterized by a weakening economy and higher
taxes on banks, BLOM managed to register a notable performance. Net profit was at
$117.15 million, higher by 0.28% from end March 2018. The Bank’s declining profits in
Lebanon were compensated for by the Bank’s higher profits from its foreign units,
especially Egypt. This net profit level also implied the highest profitability ratios among
listed banks, with the rate of return on average common equity reaching 14.02% and the
rate of return on average assets reaching 1.26%.
Also notable was the performance of the Bank’s balance sheet aggregates. Assets increased
to $37.77 billion, up by 13.79% from end March 2018; customers’ deposits rose to $27.81
billion, higher by 4%; shareholders’ equity grew to $3.39 billion, up by 8.33%; while loans to
customers stood at $6.91 billion, down by 8.84%.
BLOM Bank managed additionally to score strong financial and managerial indicators. This
is reflected in its capital adequacy ratio at 19.6%; its primary liquidity ratio at 85.2%; its
coverage ratio of non-performing loans with specific and collective provisions and real
guarantees at 150%; and its cost to income ratio at 37.2%, the lowest among listed banks.