BLC Bank Calls for Ordinary General Assembly and Records $11.55M Net Profits in Q1

BLC Bank’s board of directors invited its shareholders for an ordinary general assembly that will be held at the bank’s headquarters on May 12, 2015 at 12 pm. The meeting’s agenda will include hearings of the board’s report and the auditors’ findings, approval of the annual financial statements of 2014, clearing the chairman and boards’ administrative duties for the financial year 2014, and agreement on the remunerations of the bank’s chairman and board for the year 2015.

Moreover, the unaudited financial statements of BLC Bank showed that although net interest income and net financial revenues dropped by 4.96% and 2.10%, respectively, net profits inched up by 2.49% year-on-year to $11.55M in the first quarter (Q1) of 2015. This is mainly due to the decrease in net allowance for impairment of loans and advances from $10.81M in Q1 2014 to $5.38M in Q1 2015.

On the balance sheet, total assets dropped 1.95% y-o-y to $5.28B, mainly due to the 1.09% yearly decline in loans and advances to customers to $1.90B.

On the liabilities side, customers’ deposits shrank by 2.62% annually, to $4.16B.

Shareholders’ equity inched up 8.31% y-o-y to $489.26M end of Q1 2015.

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