BLC profits total $48 million

Assets total $4.4 billion at end-2011

BLC Bank declared profits of $48 million during the year 2011, a six percent increase compared to the bank’s profits in 2010.

BLC’s total assets amounted to $4.4 billion at the end of last year, up by 43 percent from end-2010. Deposits were up by almost 40 percent over the covered period, standing at $3.6 billion at end- 2011.

BLC Bank’s portfolio of performing loans reached $ 1.47 billion, compared to $672 million at end-2010. The bank attributed the 120 percent increase in loans to increased lending activities as well as to the acquisition of USB Cyprus.


reported by Hanadi Chami