BEIRUT: BLOM, one of the two largest banks in Lebanon, recorded a flat profit of $331.5 million in 2011, an increase of only 0.02 percent.BLOM said that the unaudited financial results for the year 2011 revealed robustness in profits and solid growth in its balance sheet.

It added that total profits for the year 2011 reached $331.5 million, even after providing additional collective provisions amounting to $33.17 million (or LL50 billion).

“This led to the highest profitability ratios among Lebanese listed banks with an ROAE of 19.2 percent. Moreover, once again BLOM Bank’s conservative policy and ability in managing and controlling its risks and expenses was reflected in the lowest cost-to-income ratio at 36.4 percent,” BLOM said.

It added that the bank has witnessed stable and steady growth despite vulnerable economic conditions in Lebanon and the region.

“Hence, total assets rose to $23.2 billion in 2011, recording a 3.7 percent increase or $821 million from 2010,” the bank said.

“Moreover, deposits increased to $20.3 billion, up by 3.5 percent or $695 million; while loans to customers grew to $5.6 billion, more by 8 percent or $413 million. As to Tier I capital, it rose to $1.97 billion, up by 8.7 percent or $158 million,” it added.

The bank stressed again that these results confirm its ability to perform even at a time of political tensions and disturbances in the region, as well as global economic woes.

BLOM, along with six other Lebanese banks, has a strong presence in Syria, where political and security turmoil are ongoing.

Most Lebanese banks have allocated some if not all profits earned from their operations in Syria to making provisions to protect these units from unforeseen future events.

BLOM’s GDR and C shares witnessed reasonable trading Wednesday, recording a total value of $699,204 and $1.340 million respectively.