Bank of Beirut Posted $40.55M Net Profit in Q1 2015

Bank of Beirut (BoB) ended Q1 2015 with a net profit of $40.55M, representing a 10.23% rise from the same period last year. This increase was primarily driven by the 16.45% y-o-y surge in net interest income to $57.72M by the end of the quarter. In contrast, net fees and commission income decreased by 6.90% to $17.55M by the end of Q1 2015.

On the asset side of the balance sheet, total assets improved by 8.17% y-o-y to $14.46B, as BoB’s loan portfolio expanded by 10.90% to $3.95B, with a simultaneous 12.96% growth in the bank’s financial asset to $5.36B.

In parallel, total liabilities reached $12.58B by end-March 2015, up from $11.78B from the same period last year, as customer deposits increased 6.84% y-o-y to $10.69B.

Shareholder equity also rose by 18.98% y-o-y to $1.88B, following the issuance of BoB priority 2014 and preferred class “J” shares and the redemption of preferred shares class “F”.

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