BLOM Bank published on 31/10/2022 its consolidated but un-audited financial results for Q3 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 $4.370 million, higher by 40.92% than the same period last year. In addition, BLOM booked positive $7.484 million in provisions for expected credit losses against negative $544.734 million booked in Q3 2021.
In terms of balance sheet items, assets stood at $25.241 billion, lower by 4.64% from end year 2021; deposits were $19.520 billion, lower by 4.23%; loans decreased to $1.974 billion, less by 11.93%; and shareholders’ equity stood at $3.124 billion, down by 1.82%.
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 | 30-Sep-22 | 30-Sep-21 | ||||
| Loans to Customers | 1,974,152 | 2,457,757 | ||||
| Customers’ Deposits* | 19,519,640 | 20,666,876 | ||||
| Total Equity | 3,123,953 | 3,183,309 | ||||
| Total Asset | 25,240,675 | 26,585,442 | ||||
| Net Income | 4,370 | 3,101 | ||||
| Loans / Deposits ratio | 10.11% | 11.89% |
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*Includes Debt issued and Other Borrowed Funds