BLC profits double

Growth in securities gains multiplied by six

BLC Bank reported net profits of $8.8 million in the first quarter of 2013, up by some 90 percent from the same quarter of last year.

The bank’s unaudited consolidated financial results showed that net interest income and net fees and commissions grew by 13 percent each to $26 million and $4.7 million, respectively. Net interest and gain on securities rose to $2.9 million, six times its value in the first quarter of last year.

Customer deposits totaled $4.2 billion, down by 2.6 percent.

The loans-to-deposits ratio increased to 42.7 percent from 41.4 percent at end-2012. BLC’s shareholders' equity rose by 2.4 percent to $382.8 million at end-March.

The bank's assets ended the first quarter at around $5 billion, almost unchanged year-on-year. The bank took $6.9 million in provisions for doubtful loans up to end-March, compared to provisions of $26 million in the same period of 2012.