BEMO profits down by half

Bank’s assets steady at around $1.5 billion, net income dips to $1.5 million

Bank BEMO reported net profit of around $1.5 million for the first quarter of 2012, down from $3.1 million for the same period last year.

The bank's total assets stood at $1.49 billion at end March, according to its unaudited consolidated financial statement. This is down from $1.53 billion at end-2011. 

Customer deposits for the same period stood at $1.16 billion, up slightly from $1.1 billion from the end of last year.

Loans to customers stood at $558 million in the first three month of the year, up from $550 million at end-2011. Bad debts fully provisioned stood at $2 million, unchanged from last year’s level.

Bank BEMO has an important presence in Syria through its subsidiary Banque BEMO Saudi Fransi.

Reported by Hanadi Chami