Bank BEMO’s Net Profit Up by an Annual 3.61% to $8.2M in H1 2018
According to Bank BEMO’s unaudited consolidated financial statements, the bank’s profit for 2018’s first half (H1) totaled $8.18M compared to $7.89M in the same period last year.
The boost in the bank’s profits was most likely triggered by the rise in Net interest income from $12.18M in H1 2017 to $17.08M in H1 this year. In turn, Net fees & Commission Income also rose by an annual 3.7% to $2.5M thereby supporting Bank BEMO’s profits for the period.
Total assets of the bank grew by 15.24% since year-start to $2.04B, with Loans and advances to customers at amortized costs also recording an uptick of 0.69% year-to-date (y-t-d) to $767.1M.
As for the total Shareholders’ equity, it decreased by 4.03% y-t-d to $167.3M. Meanwhile, Customers’ deposits at amortized costs slipped by 0.46% since year start to settle at $1.32B in H1 2018.
| Bank BEMO Financials: H1 2018 | |||
| In $ | Dec-17 | Jun-18 | YTD |
| Total Assets | 1,768,782,959 | 2,038,393,559 | 15.24% |
| Loans and Advances to Customers at Amortized Cost | 761,882,898 | 767,152,935 | 0.69% |
| Customers’ Deposits at Amortized Cost | 1,322,115,059 | 1,315,970,384 | -0.46% |
| Shareholders’ Equity | 174,360,194 | 167,334,122 | -4.03% |
| Profit for the Period | 7,898,407* | 8,183,802 | 3.61% |
*Value of June 2017
