BEMO Bank recorded a net profit of $3.14M in Q1 2015 compared to $2.73M over the same period in 2014. In details, interest expense increased by 4.24% year-on-year (y-o-y) to $10.90M, outpacing the annual 3.80% surge in interest income to $16.93M in March 2015. Consequently, net interest income grew by 3.02% to register $6.04M over the same period. In addition, the 18.08% increase in “net fees and commission income” to $1.08M pushed net profit upwards in Q1.
On the balance sheet, total assets rose from $1.48B in Q1 2014 to $1.50B in Q1 2015. This is due to total loans and advances to customers augmenting from $642.58M to $654.78M.
On the liability side, 2015’s Q1 customer deposits amounted to $1.17B by March 2015, declining by 0.85% yearly from $1.18B in March 2014.
Total Shareholders’ Equity also grew y-o-y from $126.87M to $129.43M in Q1 2015.
BEMO Financial Highlights for Q1
| Mar-15 | Mar-14 | % Change | |
| Total assets ($B) | 1.50 | 1.48 | 1.35% |
| Customer deposits ($B) | 1.17 | 1.18 | -0.85% |
| Total Shareholders’ Equity ($M) | 129.43 | 126.87 | 2.02% |
| Net Profit ($M) | 3.14 | 2.73 | 15.02% |
Source: BSE News