BLOM to pay dividends

Net profits total $84 million during first quarter of 2012

BLOM Bank’s general assembly on April 19 has approved the distribution of dividends to shareholders for 2011.

Holders of BLOM listed shares and BLOM GDRs will receive the equivalent of LL675 ($0.45) per share. Holders of BLOM preferred shares class 2011 will get $0.7 per share. A withholding tax of five percent will be deduced from all payouts. Payments will be made starting April 26 to shareholders who bought their shares no later than April 23, 2012.

BLOM Bank reported steady balance sheet growth and high profitability ratios during the first quarter of this year. In its un-audited financial results for the first three months of the year, the bank declared net profits of $84 million, up from $82 million for the same period last year. The bank said that it had allocated additional collective provisions of $20 million during the covered period.

BLOM bank’s assets totaled $23.7 billion at end-March 2012, compared to $23.1 billion at end-2011. 
Customer deposits grew to $20.7 billion, up from $20 billion, while loans to customers grew to $5.7 billion, up from $5.4 billion for the same period.

Reported by Hanadi Chami