BLC Bank profits affected by increased expenses

BLC Bank reported a 35.8 percent annual drop in unaudited profits to $23.7 million at end-September 2012, down from $37 million during the same period last year.

The bank saw net interest income rise by ten percent to $76 million, and net fees and commission income rise by 7.8 percent to $4.4 million year-on-year. On the other hand, administrative expenses rose by 21 percent to $19.6 million, and staff costs rose by 9.6 percent to $36.8 million year-on-year.