BLC Bank Calls for an Extraordinary General Assembly: January 30th 2020

The Board of Directors of BLC Bank call their shareholders to attend an extraordinary general assembly meeting scheduled on Thursday January 30th 2020 at 11.00am at the bank’s headquarters in Beirut. The main items on the agenda are:

  1. To discuss and approve the terms and conditions of increasing the bank’s Capital via Cash Contribution, in compliance with Banque du Liban’s (BDL) Circular No 532 issued on November 04th 2019 regarding the capital adequacy regulatory framework for all banks operating in Lebanon.
  2. Give the board of directors and/or the bank’s general manager the authorization and capacity to implement the general assembly’s decisions.
  3. Miscellaneous matters.

It is worthy to mention that this general assembly comes in response to BDL’s circular that instructed Lebanese 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.

BLC Financial Highlights: Q3 2019

(in $ millions)  Sep-19 Dec-18 Y-o-Y
Total Assets                              5,044.47                             5,053.18 -0.17%
Loans and Advances to Customers                              1,483.68                             1,607.07 -7.68%
Customers’ Accounts at Amortized Cost                              3,714.90                             3,908.05 -4.94%
Shareholders’ Equity                                 531.59                                 575.19 -7.58%
Net Profit for the Period                                    15.45                                   28.94* -46.61%
Net Interest income                                    47.57                                   67.74* -29.78%
Net fees and commissions income                                    12.68                                   13.43* -5.65%

 (*): Value of Sept. 2018

Source: Beirut Stock Exchange, BLC Bank

 

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