According to the consolidated financial statements of BLC Bank, the bank’s net profit for the first three months of the year totaled $6.47M down by 37.61% year-on-year. BLC attributes to “The recent economic crisis and the resulting increase in cost of funds and shrinking margin.” In details , Net interest income fell from $22.67M in Q1 2018 to $16.78M in Q1 2019. Net fees commissions income also retreated by an annual 5.5% to $4.03M over the same period.
BLC bank’s balance sheet showed that Total assets rose by 0.16% to $5.06B since year start, while Customer loans declined by 2.53% year-to-date (YTD) to $1.57B in Q1 2019. On the liabilities side, Customers’ deposits revealed a decline of 1.18% YTD to reach $3.86B and Shareholders’ equity dropped by 7.58% YTD to $531.78M over the same period.
BLC Bank’s Financial Highlights: Q1 2019
|In $ million
|Loans and Advances to Customers
|Customers’ Accounts at Amortized Cost
|Net Profit for the Period (*)
(*): Value of March 2018
Source: BLC Bank, Beirut Stock Exchange