BLC Bank’s Net Profit Down to $12.5M by June 2019

Recently released un-audited financial statements of BLC Bank dated at June 30th 2019 showed a 36.22% Year-on-Year (Y-o-Y) decline in the bank’s net profits, to $12.50 million. In fact, the bank’s Net Interest Income shrunk by 27.16% Y-o-Y to $32.70 million, and Net fees and commissions’ income fell by 8.16% y-o-y to $8.71 million.

On the balance sheet, BLC’s Total assets slid by a yearly 1.29%, to $4.99 billion during the first half of 2019, as Loans and advances to customers dropped by an annual 5.17% to $1.52B, while total liabilities declined by 0.45% as Customer’s accounts at amortized costs were reduced by 3.45% to $3.77B. During this period, total equity also declined by  a yearly 7.8% to $530.36 million.

The bank’s report attributes this declines to “the economic crisis and the increase in cost of funds”, the latter rising along with interest rates.

 

Highlights of BLC Bank’s Financial Statement: H1 2019

BLC Bank’s Net Profit Down to .5M by June 2019

Source: BSE, BLC

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