BLOM Bank Releases its Non-audited Financials for Q1 2025

BLOM Bank published on June 20^th, 2025 its non-audited financial results for Q1 2025. The losses incurred in the first quarter of 2025 as shown in the Profit and Loss Statement were due to the fact that the bank had to sell dollar deposits at BDL at the rate of 15,000 LBP/USD to shore up his LBP liquidity.

The Bank stated 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 3^rd, 2020. It is necessary to point out that the deteriorating economic and monetary situation in the markets, and the persistent 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”.

As such, for Q1 2025, valued at 89,500 LBP per USD starting on 1/1/2024, BLOM’s losses amounted to $59.75 million compared to net profits of $502.94 million in Q1 2024. As to assets, they stood at $17.9 billion, less by 0.74% from end of 2024; deposits reached $16.04 billion, up by 0.09%; loans reached $0.993 billion, rose by 3.62%; and shareholders’ equity were $1.21 billion, down by 5.56%.