Lebanon’s Bank BEMO Profit Drops 53%

Lebanese Bank BEMO published its unaudited financial statements early this week, reporting a 53.57 percent year-on-year contraction in net profits to $1.45 million at the end of the first quarter of 2012, compared to $3.12 million in the same quarter last year.

The bank’s net interest income rallied by 45.95 percent to $3.57 million while net commission and fee income fell by 37.31 percent to $1.04 million, resulting in a 2.27 percent decrease in net operating income to $7.28 million on the back of some $853,984 year-on-year in provisions during 2011.

Bank BEMO’s consolidated assets ended the month of March at $1.48 billion, with customer deposits increasing to $1.16 billion.

Net customer loans firmed at $558.27 million with the loans-to-deposits’ ratio inching lower to 48.02 percent from 49.09 percent as of year-end 2011.

Bank BEMO’s equity rose by 2.54 percent in the first quarter of 2012 nearing $115 million, The Daily Star reported.