BLOM Bank published on 31/7/2021 its un-audited, consolidated financial results for H1 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 $1.642 million compared to $38.808 million in H1 2020. And profits from discontinued operations amounted to $7.483 million. In addition, BLOM booked $326.504 million in provisions for expected credit losses against $277.604 million booked in H1 2020.
In terms of balance sheet items, assets stood at $29.577 billion, lower by 0.47% from end year 2020; deposits were $20.775 billion, lower by 1.49%; loans decreased to $2.643 billion, less by 15.30%; and shareholders’ equity decreased to $3.177 billion, less by 0.27%.
BLOM Bank 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 for the year 2021 accounts, by these circulars 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 543 issued by BDL on February 3rd, 2020. It is necessary to point out that the deteriorating economic and monetary situation in the markets, and the continued absence of agreement on an adequate financial rescue plan, makes it very difficult to estimate the negative effect of the current crisis on the Financial Statements according to the International Accounting Standards.
BLOM Financials:
| USD’000 | 30-Jun-21 | 31-Dec-20 | 30-Jun-20 | |||
| Loans to Customers | 2,643,338 | 3,120,943 | 4,549,948 | |||
| Customers’ Deposits | 20,774,984 | 21,089,441 | 24,154,272 | |||
| Total Equity | 3,176,693 | 3,185,426 | 3,189,348 | |||
| Tier I | 3,165,147 | 3,175,354 | 3,175,315 | |||
| Tier II | 11,546 | 10,072 | 14,033 | |||
| Total Asset | 29,576,690 | 29,716,541 | 31,414,391 | |||
| Net Income | 1,642 | 2,604 | 38,808 | |||
| Loans / Deposits ratio | 12.72% | 14.80% | 18.84% |