Apr 25 2012
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BLOM profits increase by 2.5 percent in Q1
25 April 2012
BEIRUT: BLOM Bank’s net profits in the first quarter of 2012 surged by 2.5 percent to $84.12 million compared to $82.076 million in the same period of last year.
According to a statement by the bank, the unaudited financial results for the first quarter of 2012 show sturdiness in the bank’s profits and steady growth in its balance sheet.
“Total profits up to the end of March 2012 reached $84.12 million, up by 2.5 percent or $2.05 million from the same period in 2011, despite booking additional collective provisions of $20 million,” the statement said.
“These results commend the bank’s performance amid operating conditions characterized by political upheavals in the region, and by debt crises and economic slowdown at the global level.
It noted balance sheet items have witnessed strong and steady growth at a time when the economic environment in Lebanon and the region has been hit by the Arab Spring.
Total assets increased to $23.8 billion in the first quarter of 2012, up by 4.34 percent or $990.2 million from the same period in 2011.
Deposits increased to $20.7 billion, higher by 4.04 percent or $802.3 million, whereas loans to customers climbed to $5.7 billion, by more than 5.51 percent or $296.8 million.
Tier I capital rose to $2.05 billion, up by 10.43 percent or $193.3 million.
“These results attest once again to the success of BLOM Bank’s cautious and conservative policy, which allowed it to minimize the negative implications arising from the political and economic disturbances in the region on its profitability and performance, thus strengthening the bank’s position as a leading bank in Lebanon and the region,” the statement said.
BLOM , one the two leading banks in Lebanon, has branches in Syria and Egypt, countries that are the scene of political and security upheaval.
BLOM made no mention about the impact of the Syrian turmoil on their banks in this country.© Copyright The Daily Star 2012.
© Copyright Zawya. All Rights Reserved.
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