BLOM Q3 Profits in 2020 Down 84 Percent

  • Economics
BLOM Q3 Profits in 2020 Down 84 Percent

BLOM, one of the largest banks in Lebanon in terms of assets and deposits, said Monday that its net profits in the third quarter of 2020 declined by 84.45 percent to reach LL86.2 billion ($57.2 million) compared to the same period of 2019.

According to BLOM, most of the profits were made from their operations outside Lebanon, especially Egypt.

It added that 60.7 percent of the consolidated profits came from Egypt.

BLOM, as in the case of all banks operating in Lebanon, was gravely affected by political crisis and economic recession since October 2019 when the mass anti-government protests started.

Total bank’s assets declined by nearly LL5 trillion in the same reporting period.

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Source: The Daily Star