The results tell the tale:
BLOM Bank
recorded the highest profits in Lebanon for the first half of 2009 as it reached $138.3m, up 5.8 percent from the same period last year.
It also realised the highest return on average equity (common shares) of 19.73 percent, and the highest earnings yield (end of June price) of 16.39 percent among listed banks. Total assets reached $19.42bn at end-June – an increase of $1.52bn in the first six months of 2009, and total deposits reached $16.69bn at end-June, up $1.58bn or 10.47 percent in the first six months of the year.
And in July Fitch Ratings affirmed BLOM Bank’s Support Rating at ‘5′. Fitch does not presently maintain any other ratings on
BLOM
.
Fitch said it considers that the Lebanese authorities would have a very high propensity to support
BLOM
if necessary, in view of its systemic importance to the banking sector and to the economy as a whole. However, the bank’s Support Rating reflects the fact that given the low sovereign rating (‘B-‘), the sovereign’s ability to provide support, although possible, cannot be wholly relied on.
is the second largest bank in Lebanon by assets, accounting for about 20 percent of system assets and almost a quarter of system deposits at end 2008. It offers a wide range of corporate and retail services. It operates in Cyprus, Egypt, France, Jordan, Qatar, Romania, Switzerland, Syria, the UAE and UK, and has an investment subsidiary in Saudi Arabia.
BLOM
‘s foreign operations account for about a third of the bank’s assets and 27 percent of its profits.
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