BLOM Bank published today, 29/4/2021, its un-audited consolidated financial results for Q1 2021. The results obtained were largely affected by the impact of the financial and economic crisis that has struck Lebanon since October 2019. Net profits came to $1.14 million compared to $15.9 million in Q1 2020. And profits from discontinued operations amounted to $3.65 million.
In addition, BLOM booked $229.22 million in provisions for expected credit losses against $95.89 million booked in Q1 2020. Net interest income reached $363.63 million, up by 48.89%; whereas net commission income stood at $16.19 million, down by 37.54%. As to total operating expenses, they were $71.59 million, down by 13.87%.
In terms of balance sheet items, assets stood at $29.77 billion, lower by 1.71% from end year 2020; deposits (excluding deposits from the Egyptian unit) were $21.01 billion, lower by 0.40%; loans (also excluding loans from the Egyptian unit) decreased to $2.86 billion, less by 8.43%; and shareholders’ equity fell to $3.18 billion, less by 0.41%.
Moreover, BLOM Bank stated that it is required to comply by all BDL circulars as stipulated in the Code of Money and Credit, especially article 208. As a result, the Bank has complied by these circulars for the year 2021 accounts when calculating expected credit losses in accordance to the specified ratios listed in Appendix 6 of BDL circular number 44, and as amended by the intermediate circular number 567 issued by BDL on 26/8/2020.
BLOM Financials:
| USD’000 | 31-Mar-21 | 31-Dec-20 | 31-Mar-20 |
| Loans to Customers | 2,857,861 | 3,120,898 | 5,052,570 |
| Total Asset | 29,769,843 | 30,287,957 | 31,888,826 |
| Net Income | 1,140 | 2,475 | 15,903 |