Moderate growth at Blom Bank

Five percent increase in profits

Blom Bank reported a five percent increase in net profit for 2013, to $353 million. “These results come in conjunction with sound financial ratios relating to capital adequacy, liquidity and doubtful loans coverage,” according to a statement by the bank.

The bank’s consolidated total assets reached $26.1 billion at the end of December 2013, reporting a yearly growth of 4.3 percent. Deposits grew 3.6 percent to $22.6 billion. Loans to customers increased by 5.3 percent to $6.3 billion.

Consolidated shareholders’ equity reached 7.7 percent to $2.35 billion. Return on average equity of (ROAE) represents 16.8 percent and a return on average assets of (ROAA) stood for 1.38 percent. “Superior results are attributed to the operational costs controlling compared to other banks,” said the bank.

The bank has been hit by the slowdown in business since the beginning of the Syrian conflict in 2011. However, the bank’s growth according to its statement was due to a conservative and flexible approach of dealing with the economic and political situation in Lebanon and the region.