BLOM Bank published on 30/4/2022 its consolidated but un-audited financial results for Q1 2022. The results obtained were naturally affected by the impact of the financial and economic crisis that has struck Lebanon since October 2019. Net profits came to $1.434 million, higher by 25.79% than the same period last year. In addition, BLOM booked positive $3.769 million in provisions for expected credit losses against negative $229.216 million booked in Q1 2021.
In terms of balance sheet items, assets stood at $26.321 billion, lower by 0.56% from end year 2021; deposits were $20.022 billion, lower by 1.76%; loans decreased to $2.110 billion, less by 5.94%; and shareholders’ equity stood at $3.184 billion, up by 0.04%.
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 by these circulars when calculating expected credit losses in accordance with 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 | 31-Mar-22 | 31-Mar-21 | ||||
| Loans to Customers | 2,109,917 | 2,857,861 | ||||
| Customers’ Deposits | 20,021,793 | 21,002,053 | ||||
| Total Equity | 3,184,049 | 3,179,525 | ||||
| Total Asset | 26,320,249 | 29,769,843 | ||||
| Net Income | 1,434 | 1,140 | ||||
| Loans / Deposits ratio | 10.54% | 13.61% |
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