BLOM Bank Publishes its Consolidated Financial Results for end 2022

BLOM Bank published on 6/2/2023 its consolidated but un-audited financial results for end 2022. The results obtained were naturally affected by the impact of the financial and economic crisis that has struck Lebanon since October 2019. Net profits came to $4.936 million, compared to $4.416 million last year. In addition, BLOM booked positive $317.824 million in provisions for expected credit losses against negative $456.619 million booked in 2021.

In terms of balance sheet items, assets stood at $25.796 billion, lower by 2.54% from end year 2021; deposits were $20.433 billion, up by 0.26%; loans decreased to $1.715 billion, less by 23.51%; and shareholders’ equity stood at $3.131 billion, down by 1.59%.

The Bank also noted 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 3rd, 2020. It is necessary to point out that the deteriorating economic and monetary situation in the markets, and the continued 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.

BLOM Financials: