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BLOM Bank reports flat growth in first quarter of 2014

The BLOM Bank in Beirut. (The Daily Star Photo)

BEIRUT: BLOM Bank reported $87.5 million in net profit for the first quarter of 2014, recording almost flat growth compared with the same period last year, when profits stood at $87.1 million.

Total assets grew by $1.6 billion to $26.7 billion, customers’ deposits increased by $1.2 billion to $23 billion and loans rose by $452 million to $6.5 billion.

The loans-to-deposits ratio stood at 28 percent, while the ratio of liquid assets to customers’ deposits stood at 65 percent.

Net operating income reached $188 million to $184 million in the first quarter of 2013. Net interest income was at $137 million up by 5 percent compared with the same period in 2013, while income from fees and commissions amounted to $33 million, a 20 percent year-on-year increase. Trading and investment income reached $26 million.

The cost-to-income ratio was 39.8 percent, while provisions fell to $7 million, a significant 72 percent drop compared with the same quarter in 2013.

 
A version of this article appeared in the print edition of The Daily Star on May 19, 2014, on page 5.

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