BLOM bank releases first quarter profits

Published April 30th, 2001 - 02:00 GMT

BLOM Bank S.A.L., the largest bank in Lebanon, announced its consolidated first quarter 2001 results compared to the same period last year. This included the following: (1) Increase in assets and deposits by more than 11 percent. The Bank's assets increased 11.77 percent from a year before to stand at $5.8 billion as at the end of March 2001. 

 

This was driven primarily by robust growth in the Bank’s main source of funding, with customer deposits 11.17 percent higher at $5.1 billion compared to $4.6 billion at the end of March 2000. (2) Substantial increase in liquidity. Regarding liquidity in Lebanese Pound, the bank continuously maintains cash and cash equivalent levels exceeding its total customer deposits. As for liquidity in foreign currency, the amount of cash holdings increased by 31.94 percent at the end of March 2001,and the related ratio reached around three times that required by the Central Bank of Lebanon. (3) Continued growth in profits.  

 

Despite its high liquidity level, the bank announced that its net consolidated profits for the first three months of 2001 amounted to $20.5 million compared to $20.4 million for the same period in 2000. (4) Total capital and assimilated funds standing at $424.8 million. Tier I capital rose 17.02 percent between end-March 2000 and end-March 2001 to $337.5 million.  

 

Tier I and Tier II capital together increased in the first quarter of 2001 by 13.05 percent to $424.8 million compared to $375.8 million at the end of March 2000. (5)Maintaining the highest rating (A-) for domestic strength. According to the latest issue by credit rating agency Capital Intelligence specialized in banks’ ratings in the Middle East, BLOM BANK remains the only Lebanese bank to be awarded an A-rating for Domestic Strength. — ( Banque du Liban et d'Outre-Mer Sal )  

 

© 2001 Mena Report (www.menareport.com)

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