BLOM Bank Publishes its Consolidated Financial Results for Q2 2023

BLOM Bank published on 8 September 2023 its consolidated but un-audited financial results for Q2 2023. The results obtained were naturally affected by the impact of the financial and economic crisis that has struck Lebanon since October 2019. Interesting to note in this context that the exchange rate against the USD that was used in the calculations was set at 15,000 LBP instead of the previous 1,507.5 LBP, as the new official exchange rate set by BDL starting 1/2/2023. As such, net profits came to $3.072 million, compared to $2.547 million in Q2 2022.

In terms of balance sheet items, assets stood at $18.672 billion, lower by 27.60% from end year 2022; deposits were $16.674 billion, down by 18.39%; loans decreased to $1.067 billion, less by 37.76%; and shareholders’ equity stood at $1.300 billion, down by 58.48%.

The Bank also noted 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 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:

Loans to Customers1,713,7991,066,639
Customers’ Deposits *20,432,16116,674,379
Total Equity3,130,0361,299,638
   Tier I 3,120,175 1,298,488
   Tier II  9,861 1,150
Total Asset25,788,73818,672,250
Net Income4,7643.072
Loans / Deposits ratio8.39%6.40%
* Includes Debt Issued and Borrowed Funds


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