Blom Bank published on 5 July, 2024 its audited financial results for 2023 and its non-audited financial results for Q1 2024. In its statement, Blom Bank said that “the net Income for the year shown in the Profit and Loss Statement, is mainly unrealized Income obtained from the FX translation of Foreign Currency Monetary Assets and Liabilities to Lebanese Pound, for the accounts of banks and their affiliated subsidiaries in Lebanon, at the exchange rate set at the time of preparing the Financial Statements in accordance with the Circular No. 300 issued by Banking Control Commission on November 27th, 2023”.
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”.
For end 2023, valued at 15,000 LBP per USD, Blom Bank made net profits of $215.42 million against net profits of $4.76 million at end 2022. Assets stood at $18.57 billion, compared to $25.79 billion in 2022; deposits were $16.71 billion, compared to $20.41 billion; loans to the private sector reached $1.04 billion, relative to $1.71 billion; and shareholders’ equity stood at $1.09 billion, compared to $3.13 billion.
For Q1 2024, valued at 89,500 LBP per USD starting on 1/1/2024, Blom’s net profits amounted to $502.94 million compared to $1.15 million in Q1 2023. As to assets, they stood at $17.86 billion, less by 4.22% from Q1 2023; deposits reached $16.15 billion, down by 3.09%; loans reached $0.910 billion, less by 11.80%; and shareholders’ equity were $1.28 billion, down by a tiny 0.03%.
| USD’000 | 31-Mar-24 | 31-Dec-23 | ||
| Loans to Customers | 910,423 | 1,004,867 | ||
| Customers’ Deposits | 16,150,399 | 16,710,151 | ||
| Total Equity | 1,279,850 | 1,089,401 | ||
| Tier I | 1,276,688 | 1,086,337 | ||
| Tier II | 3,162 | 3,064 | ||
| Total Asset | 17,857,913 | 18,566,714 | ||
| Net Income | 502,943 | 215,415 | ||
| Loans / Deposits ratio | 5.64% | 6.01% |