BLC Bank sees profits drop

Double digit growth in assets

BLC Bank reported a 31 percent annual drop in net profits in 2012, the bank reported in its unaudited financial statements. The bank reported net after tax profits of $33.2 million. The drop is mainly attributed to a $12 million contraction in extraordinary gains on disposal of property and equipment in satisfaction of debts. Net interest income rose by 27 percent to around $107 million.

Consolidated assets grew by 15 percent to $5 billion. Deposits rose by 18 percent to $4.2 billion, and loans by 16 percent, to around $1.7 billion. The ratio of customer loans to deposits fell to 41.38 percent from 42.3 percent in 2011.

BLC Bank, a Fransabank group member, operates a local network of 35 branches. It owns 95.6 percent of USB Bank, Cyprus, which has a network of 16 branches throughout Cyprus.