Flat dividends on BLOM shares

One quarter of profits from overseas operations

BLOM Bank proposed to pay a dividend of $0.45 per common share (listed shares and GDRs) and of $0.7 per preferred share (class 2011) on 2012 profits. The dividends were unchanged from those paid to shareholders on 2011 profits.

The earning to price ratio is 5.4 percent for listed shares, five percent for BLOM GDR, and 6.8 percent per Preferred Shares 2011 (as per share price at closing on April 18).

A withholding tax of five percent will be deduced from all payouts. Payments will be made starting April 29 to shareholders who bought their shares no later than April 24.

BLOM had reported flat year-on-year profits last year, at $335 million, after taking $103 million in provisions for credit losses, 160 percent higher than in 2011. Around 22 percent of BLOM’s 2012 profits were from operations overseas.

BLOM’s affiliate in Syria, Bank of Syria & Overseas, is the second largest Lebanese bank in Syria in terms of assets (18 percent).