BLOM profits see 6.4 percent rise

BLOM Bank in Beirut. (The Daily Star/Mahmoud Kheir)

BEIRUT: BLOM Bank profits rose by 6.4 percent in the first half of 2013 compared to the same period last year despite what the bank described as “twin economic and political disturbances in Lebanon and the region.” First half profits reached $175.84 million after the bank allocated $62.76 million in net provisions to account for “the challenging operating conditions in Lebanon and the region.”

In 2012, Lebanese banks increased their provisions against nonperforming loans in Syria where the ongoing conflict has led to a sharp decline in their operations.

BLOM’s assets increased to $25.27 billion, up by 6.1 percent from the same period last year. Deposits rose to $22.06 billion, up by 5.71 percent. Loans to customers rose 3.18 percent to $5.99 billion.

A version of this article appeared in the print edition of The Daily Star on July 23, 2013, on page 5.




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