BLOM reports steady growth

Profits in first nine months of 2011 at $236 million, assets stand at $23 billion

BLOM Bank announced that its profit rose in the first nine months of the year to $236.3 million, up from $235.7 million for the corresponding period of 2010.

BLOM attributed its steady profits to the conservative policies it has adopted “throughout the political turmoil in Lebanon and the region, as well as the global financial crises and stagnant economic growth”. BLOM’s coverage ratio for nonperforming loans (including collective provisions) amounted to 99 percent.

The bank’s assets stood at $23.38 billion at the end of the third quarter of the year. Customer deposits were $20 billion, while loans to customers were $5.6 billion.

Net interest income at end-September was $379 million, up from $362 million for the corresponding 2010 period.