BLOM Bank Calls for Extraordinary General Assembly: January 14th 2020

BLOM Bank’s Board of Directors convened on Friday December 13th 2019 and decided to hold an extraordinary general assembly meeting on Tuesday January 14th 2020 at 12.00pm at the bank’s headquarters in Verdun. The main items on the agenda are:

  1. To discuss and approve the bank’s Cash Contribution to Capital instruments, in compliance with Banque du Liban’s (BDL) decision no. 13129 as linked to Circular No 532 issued on November 04th 2019, regarding the banks’ capital adequacy regulatory framework in Lebanon.
  2. Miscellaneous matters.

It is worthy to note that BDL’s circular was issued on November 04th 2019, in an effort to improve liquidity in the market and prevent capital outflow. It details, it instructed banks to raise their capital (common equity tier 1) by 10% by end-2019 and another 10% by end-June 2020, with a total of $4.1B. The capital increase will be through cash contributions, mainly from the banks’ existing shareholders, rather than a public offering of shares.

 

 

BLOM Bank: Financial Highlights: H1 2019

(In Millions of USD ) 30-Jun-19 30-Dec-18 YTD
Total Assets                  38,531                  36,741 4.87%
Net Loans and Advances to Customers at Amortized Cost                     6,645                     7,149 -7.05%
Customers’ Deposits and Credit Balances at Amortized Cost                  27,685                  26,808 3.27%
Total Shareholders’ Equity                     3,269                     3,269 0.02%
Net Income*                  238.71                  243.79 -2.09%
*June 2018

Source: BLOM Bank

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