BLOM Bank bottom line up three percent in first half
Lebanon’s largest bank, Banque du Liban et D'Outre-Mer (BLOM), posted consolidated first-half 2002 net profits of $40.72 million. This constitutes a 3.14 percent bottom line increase, compared to the bank’s performance during the corresponding six-months period the previous year, when it reported net profits of $39.48 million.
BLOM’s foreign currency liquidity ratio rose to 58 percent, up from 48 percent at the end of June 2001. Total assets increased by 11 percent from $5.88 billion in June-end 2001, to $6.48 billion in June-end 2002. At the same time, customer deposits grew to $5.72 billion, marking an impressive year-on-year rise of 10 percent.
The Beirut-based BLOM Bank was founded in 1951. In 2001, BLOM BANK remained the only Lebanese bank to be awarded the highest Domestic Strength Rating 'BBB+' by Capital Intelligence, and this for the fourth consecutive year. — (menareport.com)
© 2002 Mena Report (www.menareport.com)