Arab Today, arab today blc bank net profits fall nearly 36 percent
Last Updated : GMT 08:53:10
Arab Today, arab today
Arab Today, arab today

BLC Bank net profits fall nearly 36 percent

Arab Today, arab today

Arab Today, arab today BLC Bank net profits fall nearly 36 percent

Beirut - Arabstoday

BLC Bank reported a 35.88 percent annual drop in net after-tax profits to $15.54 million at the end of June 2012, down from $24.23 million during the same period last year. This is mainly attributed to the 89.06 percent year-on-year drop in gains on disposal of property and equipment from $9.11 million as of June 2011 to around $1 million in the first half of 2012. Furthermore, BLC reported some 10.37 percent annual increase in staff costs to $24.07 million. The bank’s net interest income, however, rose by 43.46 percent to $46.63 million, while net fees and commission income came in higher at $9.29 million. On the balance sheet front, the bank’s consolidated assets rose 5.39 percent during the first half of 2012 to $4.65 billion, from around $4.42 billion in the last quarter of 2011. Customer deposits rallied by 8.56 percent on a semi-annual basis to $3.92 billion, with loans and advances expanding by 8.86 percent to around $1.67 billion. From DailyStar  

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