Provisions for Syrian subsidiary
take their toll
BEMO Bank posted a 43 percent annual drop in net profits in 2012, down to around $3.7 million after income tax.
Elie Saab, Assistant CFO at BEMO Bank, attributed this drop in profits to continued high provisions for loans in the bank’s Syrian subsidiary, Banque BEMO Saudi Fransi.
Total deposits grew by some 12 percent to around $1,224 million. Loans to customers increased by some 11 percent to $610 million.
BEMO Bank’s total assets stood at $1.5 billion, down by some two percent compared to the previous year.
Reported by Joelle Nassar
Date Posted: Jul 22, 2013