Tuesday 10, July 2018 by Kudakwashe

BLOM Bank records higher 2018 profit and remains hopeful on new govt

 

BLOM Bank’s net profit rose 4.3 per cent to $116.8 million in the first quarter.

  

Lebanon’s BLOM Bank expects a slight improvement in its profit and balance sheet in 2018 and hopes a new government will be formed soon to implement economic reforms, reported Reuters.

The bank credited managerial and operational efficiency for helping to maintain profitability despite a slow economy, higher taxes and regional instability.

Since 2011, Lebanon has been suffering weak growth and the IMF has estimated growth rates of 1-1.5 per cent in 2017 and 2018.

IMF has called for fiscal adjustment to improve the sustainability of public debt, which stood at more than 150 per cent of GDP at the end of 2017.

Last year the Government imposed a tax on interest earned by banks.

 

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