Provisions increased by 60 percent
Bank BEMO posted a 20 percent drop in net profit in 2012, down to around $5 million. The bank's total assets stood at $1.47 billion, down from $1.53 billion at end-2011.
Customer deposits and loans to customers grew by nine percent each to $1.2 billion and $600 million respectively. Bank BEMO has a significant presence in Syria through its subsidiary Banque BEMO Saudi Fransi. The bank took higher provisions of $3.2 million in 2012.
Date Posted: Feb 08, 2013