DOCSLIB.ORG

2014 Annual Report

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
2014 Annual Report Chairman’s Letter Consolidated Financial Statements 06 86 Consolidated Financial Statements Key Figures 88 Auditors’ Report 08 89 Consolidated Income Statement for the year ended 31 December 2014 Organizational Chart 90 Consolidated Statement of 11 Comprehensive Income for the year ended 31 December 2014 91 Consolidated Statement of Financial Group Chart Position at 31 December 2014 12 92 Consolidated Statement of Changes in Equity for the year ended 31 December Corporate Governance 2014 96 Consolidated Statement of Cash Flows 16 for the year ended 31 December 2014 Code of Corporate Governance 97 Notes to the Consolidated Financial Statements BLOM BANK S.A.L. Major Common Shareholders Board of Directors List of Board Members Worldwide Information about Board of Directors Correspondent Banks Board Meetings held in 2014 186 Information on Key Members of BLOM BANK S.A.L. Management BLOM BANK S.A.L. Commercial Arrangements BLOM BANK Group General Management of BLOM BANK S.A.L. Management & Network 187 Management Discussion & 188 Banks & Financial Subsidiaries Analysis 2014 BLOM BANK S.A.L. 32 BLOMINVEST BANK S.A.L. BLOM DEVELOPMENT BANK S.A.L. 33 Operating Environment BLOM BANK FRANCE 46 Overview BLOM BANK (SWITZERLAND) S.A. 47 Evolution of Total Assets BANK OF SYRIA AND OVERSEAS S.A. 48 Sources of Funds SYRIA AND OVERSEAS FOR 51 Uses of Funds FINANCIAL SERVICES Ltd 56 Liquidity BLOM BANK EGYPT 56 Profitability BLOM EGYPT SECURITIES 62 Dividend Distribution and Preferred BLOMINVEST SAUDI ARABIA Shares Revenue BLOM BANK QATAR LLC 63 Risk Management and Basel Preparations BLOM SECURITIES 69 Corporate Governance 206 Insurance Subsidiaries 71 Universal Banking Services AROPE INSURANCE 77 Information Systems and Technology AROPE SYRIA - SYRIA 80 People Development INTERNATIONAL INSURANCE 83 Bank’s Operational Efficiency AROPE EGYPT INSURANCE 2 BLOM BANK S.A.L. Dr. Naaman AZHARI Chairman of BLOM BANK Group Mr. Saad AZHARI Chairman and General Manager of BLOM BANK S.A.L. Annual Report 2014 3 Annual Report 2014 5 Chairman’s Letter Net profit increased to $365.4 million, rising by 3.6% from 2013, and representing the highest absolute profits in the Lebanese banking system. The same was largely true for relative profitability, with ROAE reaching 15.8% and ROAA 1.35%, the highest among listed banks and, as important, among the highest in the wider region. The year 2014 was both challenging and successful for region in financial safety, strength, and durability. This is BLOM BANK. It was challenging because of the lingering reflected in the Bank’s capital adequacy ratio (Basel 3) political instabilities in Lebanon and the region; and which stood at 17%, its liquidity ratio at 66%, and its successful because, despite that, the Bank maintained coverage ratio for non-performing loans by provisions its track record of respectable profitability and growth. and real guarantees at 162%. With the highest liquidity Net profit increased to $365.4 million, rising by 3.6% and capital buffers, BLOM is widely viewed as the safest from 2013, and representing the highest absolute profits choice for depositors. In fact, with such a remarkable in the Lebanese banking system. The same was largely performance and financial standing, it is no surprise that true for relative profitability, with ROAE reaching 15.8% BLOM has been consistently, and unanimously in 2014, and ROAA 1.35%, the highest among listed banks and, selected as “The Best Bank in Lebanon” by the most as important, among the highest in the wider region. renowned and prestigious international institutions. What is also noteworthy is that the rise in net profit was mostly attributed to the increase in profits of the Bank’s The international and regional recognition of the Bank’s foreign units and subsidiaries that now contribute close achievements also attests to its strong foundations and to 22% of the net profit pool. solid strategy that allow the Bank to thrive in adversity. The Bank’s core strategy continues to be grounded in As impressive, the Bank’s balance sheet witnessed three rewarding anchors. First, is the consolidation of its notable and balanced growth, indicating once again the leading position in Lebanon, especially in retail where success of the Bank’s regional diversification strategy it has the highest market share in car, personal, and in geographic and product terms. Assets increased to housing loans, and increasingly in SMEs and corporate $27.98 billion, up by 7% on 2013; deposits rose to $24.01 loans. Second, is the expansion in its universal banking billion, up by 6.4%; loans increased to $6.91 billion, up activities in the Levant, especially in Egypt and Jordan by 8.9%; and shareholders’ equity rose to $2.53 billion, where the success of its brand name and reputable up by 7.4%. products has increased income to the BLOM Group by 61% in the former and 41% in the latter. Third, is the strengthening of its non-traditional banking franchises BLOM BANK has never been a bank that would in the Gulf, through its investment banking and asset compromise quality for quantity. The Bank’s conservative management services in KSA, its corporate banking strategy, prudent risk management and asset quality, services in Qatar, and its wholesale banking services in and its commitment to the highest standards across all the UAE. As important, a prime feature of this strategy business lines, make it one of the leading banks in the is the binding of all these markets together through 6 BLOM BANK S.A.L. Chairman’s Letter synergies and cross-border activities, that take advantage Index, and is open for Saudi and foreign investors. In of the specialized, competitive-edge products that we addition, we introduced a new “Money Market Fund-Euro offer in each country but that can be complemented or Class” to complement the success of the earlier LP and augmented region-wide. USD Classes. In information technology, an interactive mobile banking app was introduced, which has the unique As a result of the Bank’s policy of leveraging its presence and differentiating feature to open an interacting chat across countries and products, it has attained a with our Call Center within the app and without leaving balanced structure in assets, such that in 2014 its assets the banking session. Last but not least, BLOM BANK expanded to Iraq in 2014, opening up two branches, one distribution was: 36.8% in cash and central bank; 24.8% in Irbil and another one in Baghdad, to capitalize on the in securities; 24.7% in loans; and 11.1% in interbank. potential market opportunities in Iraq and its Kurdistan In addition, assets under management increased by a region. This increased the number of countries in which stellar 27.1% to reach $7.2 billion, helping to increase the Bank has an active presence in to 13. fee income to $167.1 million, up by 14.5%. And retail lending continued its robust performance, rising by Success at BLOM BANK is measured by the “Peace 11.5% to $2.7 billion, to the extent that in 2014 the of Mind” that we deliver to our stakeholders. We have Bank’s lending portfolio was structured as: retail 39.2%; always made sure that our clients receive the safest and corporate 25.9%; SMEs 16.7%; project finance 10%; most rewarding returns, and in no small measure similarly real estate 5.7%; and syndicated loans 1%. What is so to our stockholders. Though our earnings per share equally noteworthy is that the Bank’s activities were increased by 2% to $1.61, our market capitalization undertaken with the utmost efficiency, registering a cost- increased to $2.1 billion, up by 11.4%, and our price- earnings ratio rose to 6.1, higher by 9.3% -- both to-income ratio of 38.9%, the lowest among listed banks. increases the highest among the Bank’s comparable They were also accomplished with increasing regional peers. Also, the Bank distributed $0.66 per common diversification since 27% of all activities originated from share as dividends in 2014, amounting to a payout ratio outside Lebanon, a ratio that the Bank aims to increase of 42%. As to our wider community, the Bank did not to 50% in the medium-to long-term. spare any effort in supporting vital social, educational, cultural, and humanitarian activities. Moreover, its path- Being conservative does not mean being static, and breaking CSR activities – namely, BLOM “Giving Card”, this is what we believe in at BLOM BANK. A main driver “BLOM shabeb”, and “ProtectEd” – were meaningfully of the Bank’s strong and steady performance is our recognized, earning BLOM BANK the worthy award of constant renewal and innovation. And the year 2014 “Best CSR Company in 2014” from CSR Lebanon. was no different. In retail, we introduced “Flexi-Loan” that targets the non-domiciliated salary segment, and The mark of a true, prudent bank is that it can strive in the deposit product “Oumniyati” which allows low and bad times and lean against the winds in boom times. medium income individuals to save little amounts. We It is also marked by not being big for bigness and also expanded our card-issuing campaign by signing up scale’s sake, but solid for quality and safety’s sake. We “Le Mall”, the second largest mall operator in Lebanon, as a new partner in our successful “Beirut Traders’ Shopping strongly adhere to this belief at BLOM BANK, and we Card”, co-branded with Beirut Traders Association. have consistently delivered on its promise. The greatest In investment banking, the Bank co-managed in early contributing factor in this achievement has been our 2015 a new Eurobond issue of $1 billion, but due to management team and staff.
Load more

Recommended publications
  • BLOM Lebanon PMI® PMI Hits 17-Month High Amid Softer Declines in Output and New Orders
    News Release Embargoed until 1100 EET (0800 UTC) 7 April 2021 BLOM Lebanon PMI® PMI hits 17-month high amid softer declines in output and new orders Lebanon PMI Key findings sa, >50 = improvement since previous month 55 Output continues to fall markedly, but at softest rate since October 2019 50 45 Slower contraction in new orders as exports near stabilisation 40 35 Input prices increase sharply 30 Data were collected 12-25 March '14 '15 '16 '17 '18 '19 '20 '21 Sources: BLOMINVEST BANK, IHS Markit. This report contains the latest public release of data collected from the monthly survey of business conditions in the Lebanese private sector. The survey, sponsored by Blominvest Bank and compiled by IHS Markit, has been conducted since May 2013 and provides an Comment early indication of operating conditions in Lebanon. The headline figure derived from the survey is the Purchasing Managers’ Index™ Commenting on the BLOM Lebanon PMI for March 2021, (PMI®). Tala Nasrallah, Senior Research Analyst at BLOMINVEST Bank, said: The PMI is a composite index, calculated as a weighted average of five individual sub-components: New Orders (30%), Output (25%), “The March 2021 BLOM Lebanon PMI reached its Employment (20%), Suppliers’ Delivery Times (15%) and Stocks of highest level in 17 months, signalling a softer decline in Purchases (10%). Readings above 50.0 signal an improvement in operating conditions. The PMI reading was 46.4, higher business conditions on the previous month, while readings below by 4.2 points from February and driven mainly by slower 50.0 show a deterioration.
    [Show full text]
  • Annual Report 2019 Worldwide Correspondent Banks
    REPORT 2019 Table of Content I Chairman’s Letter 4 II Key Figures 6 III Evolution of Main Indicators 8 IV Organizational Chart 9 V Group Chart 10 VI Corporate Governance 12 1. Code of Corporate Governance 2. BLOM BANK S.A.L. Major Common Shareholders 3. Honorary and Advisory 4. Board of Directors 5. Information about Board of Directors 6. Biographies of Key Members of BLOM BANK S.A.L. Management 7. BLOM BANK S.A.L. Commercial Arrangements 8. General Management of BLOM BANK S.A.L. VII Management Discussion & Analysis 2019 32 1. The Operating Environment in Lebanon and the MENA Region 2. Overview 3. Evolution of Total Assets 4. Sources of Funds 5. Uses of Funds 6. Performance 7. Dividend Distribution 8. Risk Management and Basel Preparations 9. Corporate Governance 10. Universal Banking Services 11. Information Systems and Technology 12. People Development 13. Bank’s Operational Efficiency 14. Corporate Social Responsibility 2 VIII Consolidated Financial Statements 80 1. Auditors’ Report 2. Consolidated Income Statement for the year ended 31 December 2019 3. Consolidated Statement of Comprehensive Income for the year ended 31 December 2019 4. Consolidated Statement of Financial Position at 31 December 2019 5. Consolidated Statement of Changes in Equity for the year ended 31 December 2019 6. Consolidated Statement of Cash Flows at 31 December 2019 7. Notes to the Consolidated Financial Statements IX Worldwide Correspondent Banks 198 X BLOM BANK Group Management & Network 199 1. Banks & Financial Subsidiaries 2. Insurance Subsidiaries 3 Chairman's Letter BLOM BANK’s performance in year 2019 came largely better than expected but was surely affected by the impact of the financial and economic crisis that has struck Lebanon since October 2019.
    [Show full text]
  • CI Capital Investment Banking Successfully Concludes Advisory on the Sale of a 99.4% Stake in BLOM Bank Egypt S.A.E to the Arab Banking Corporation B.S.C
    CI Capital Investment Banking Successfully Concludes Advisory on the Sale of a 99.4% stake in BLOM Bank Egypt S.A.E to the Arab Banking Corporation B.S.C Cairo, Egypt | 15 August 2021 — CI Capital Holding for Financial Investments announced today that its investment banking division has successfully concluded advisory to BLOM Bank S.A.L on the sale of a 99.4% stake in its Egyptian subsidiary BLOM Bank Egypt S.A.E for a total consideration of USD 425mn. BLOM Bank Egypt was acquired by BLOM Bank SAL in 2006, and since then, the Bank has grown significantly to become one of the Group’s largest assets outside of Lebanon. The combined entity resulting from the acquisition will more than triple Bank ABC’s market share and take its balance sheet to approximately EGP60bn on a combined basis. The transaction, being one of the largest M&As in Egypt, marks CI Capital Investment Banking’s third deal of the year with an aggregate execution value of cUSD730mn. Our advisory performance thus far, along with a strong pipeline, serves as a testament to the team’s execution capabilities that persistently navigated through challenging market conditions in the wake of COVID-19. Mr. Saad Azhari, Chairman and General Manager of BLOM Bank Lebanon, commented: “BLOM Bank Egypt has delivered strong returns for our Group, and we are confident that it will continue this legacy of success as part of Bank ABC Group. We wish the BLOM Bank Egypt team a great future in their new home. We would also like to extend a note of gratitude to CI Capital, our exclusive financial advisor, and Baker McKenzie, our legal advisor, for their exemplary work throughout this transaction” CI Capital’s Group CEO, Hesham Gohar, commented, “We are incredibly proud of the team, having played such a crucial role in BLOM Bank S.A.L’s divesture of its Egyptian subsidiary.
    [Show full text]
  • Bank ABC Investors Highlight Presentation
    Q4 / FY 2020 Results Presentation Key Messages ▪ 2020 has been a year like no other, impacted by unprecedented and deeply challenging conditions represented by the Covid-19 pandemic, collapse in oil prices and interest rates, and the emergence of some major fraud in the MENA region ▪ Bank ABC has not been immune and has faced considerable operational and financial pressures. Nonetheless, a proactive response to the Covid-19 pandemic ensured the Group maintained its operational and financial resilience throughout 2020 ▪ The Bank strategy remained consistent and Bank ABC continued to invest in its strategic journey, delivering significant milestones such as its digital transformation winning multiple awards for its ‘mobile-only’ bank ila, being recognized as the Bank of the Year in Bahrain, and announcing a landmark acquisition of Blom Bank Egypt ▪ Despite such unprecedented market conditions, the Bank delivered robust underlying revenues, a strong balance sheet and a net operating profit of $282m before provisions ▪ Operating business performance continued to show robust traction with underlying TOI of $793m (91% of FY 2019) ▪ The Bank achieved prudent cost management, with a 7% drop in headline costs to $486m, while prioritizing continuing investments in the Group’s digital transformation and strategic initiatives ▪ The Bank shows a strong balance sheet with a 16.6% Tier 1 ratio (16.2% CET1), LCR of 324% and NSFR of 122% ▪ FY 2020 ECL charge of $329m driven higher by unforeseen client frauds of $183m, combined with Covid-19 conditions and forward-looking nature of IFRS 9. This led to a net loss of $89m for the year.
    [Show full text]
  • Blom Bank Research Update
    BLOM BANK - Current price*: USD 9.14 Equity Research March 2nd, 2011 - Target price: USD 12.00 Sector : Banking - Recommendation: OVERWEIGHT Countr y: Lebanon Conservative approach to growth and high cost- Share Data efficiencies to translate into favorable stock returns Common shares listing: Beirut Stock Exchange Ticker symbol: BLOM GDRs listing: BSE & Luxembourg Stock Exchange A prominent player in Lebanon, with a significant presence abroad Ticker symbol: BLBD With a conservative approach to growth revolving around a predominantly organic growth strategy, Market cap*: USD 1,965.1 mn a cautious lending activity and a tight cost-control policy, Blom Bank gradually grew to become Number of common shares: 215.0 mn one the leading players in the Lebanese banking sector, where the Bank currently operates a nd Estimated float %: 55% network of 71 branches and ranks 2 in terms of assets, deposits and loans while delivering one the 12-month average daily volume 43,746 highest profitability ratios in the market. With its expanding international reach, Blom Bank currently operates a network of 87 branches abroad spread in 11 European and Middle-Eastern countries outside Lebanon. Share Price Information* Two-pronged organic growth strategy by business line and geography to become a leading bank in the region ∆ YTD -2.77% The Bank has added to its traditional business model (retail and commercial) a wide range of ∆ 1M -11.86% banking services including asset management, private banking, insurance and Islamic banking. ∆ 3M +1.56% Furthermore, Blom Bank has, beyond its decades old presence in Europe, embarked on a regional ∆ 12M +1.56% expansion starting in the early 2000’s by (i) adding footprints in key Levant markets (Syria, Egypt 52 – Wk range USD 8.50 -10.45 and Jordan) for retail and commercial banking and (ii) more recently, establishing a presence in the nd GCC (KSA and Qatar) in view of further developing its investment and private banking activities.
    [Show full text]
  • IFC Mobile Money Scoping Country Report: Lebanon Alaa Abbassi, Andrew Lake, Cherine El Sayed
    IFC Mobile Money Scoping Country Report: Lebanon Alaa Abbassi, Andrew Lake, Cherine El Sayed May, 2012 Lebanon Summary Overall readiness rating 4 (Moderately high readiness for Bank Centric Mobile Money deployment in high income segments) 3 (Medium readiness for the mid market, those unable to afford smart phones) Current mobile money solution The banks have begun implementing mobile money – both mobile payments and mobile banking. This is being done by the banks on their own and in conjunction with Mobile payments suppliers within Lebanon. Population 4.14 mil * Mobile Penetration 68% 2010 (High) ** Banked Population 2.5 mil (60%) (Moderately high) *** Remittance % of GDP Outbound $3,737 mil (9.7%) *** Inbound $7,558 mil (19.6%) *** Percent under poverty line 28% * Economically Active population 1,48 mil (36%) * Adult Literacy 87.4% * Main banks Bank Audi, Blom Bank, Byblos Bank, Fransabank, Bankmed, BLF MobileIFC Opportunities Network Operators MTC Touch 1,724,854 (54%) Alfa 1,482,819 (46%) Ease of doing business Ranked 104 in the world, better than Pakistan, worse than Seychelles **** Sources: * https://www.cia.gov/library/publications/the-world-factbook/geos/le.html ** TRA annual report 2010 *** http://elibrary-data.imf.org/DataReport.aspx?c=2529608&d=33060&e=161939 **** http://doingbusiness.org/rankings • Macro-economic Overview • Regulations • Financial Sector • Telecom Sector • Distribution Channel • Mobile Financial Services Landscape Macro-Economic Overview Key Country Statistics Insights • Population: 4.14 mil • Lebanon is a small country, both in terms of population size and geography. • Age distribution: 23% (0 – 14 years) 68% (15 - 64 years) 9% (>65 years) • It has a sophisticated banking industry which serves 60% of the population (2.48 mil • Urban/rural split: 87% urban people, through 900 branches).
    [Show full text]
  • Blom Bank Combining Strong Culture with Strong Growth
    Volume XXIV, Number 1, Autumn 2013 £5.95 The Global Magazine of the Arab Bankers Association (ABA) BLOM BANK COMBINING STRONG CULTURE WITH STRONG GROWTH KUWAIT INVESTMENT OFFICE A VISION FULFILLED LONDON AS A CENTRE FOR ARAB BANKING THE RISE OF CHINESE BANKS LONDON’S MIDDLE EAST CULTURAL SCENE KUWAIT INVESTMENT OFFICE On the Diamond Anniversary of its establishment in London, the Kuwait Investment Office would like to thank Her Majesty’s governments, the Bank of England, the Mayors of the City of London and London’s financial community for their strong support over the last 60 years. The Kuwait Investment Office also extends its gratitude to H.H. Sheikh Sabah al-Ahmed al-Jaber al-Sabah, the Emir of Kuwait, H.H. Sheikh Jaber Mohammed al-Hamad al-Sabah, the Prime Minister of Kuwait, and the Board of Directors of the Kuwait Investment Authority for their keen interest and support during the 60th Anniversary celebrations. The Kuwait Investment Office is proud to be part of London’s financial community and looks forward to a continuing partnership in the years to come. AUTUMN 2013 CONTENTS 3 Volume XXIV, Number 1, Autumn 2013-08-15 Contents1 Volume XXIV, Number 1, Autumn 2013 £5.95 The Global Magazine of the Arab Bankers Association (ABA) › Letter from the Chief Executive Officer 6 › Letter from the Editor 7 BLOM BANK COMBINING STRONG CULTURE WITH STRONG GROWTH KUWAIT INVESTMENT OFFICE A VISION FULFILLED LONDON AS A CENTRE FOR ARAB BANKING › People and News 8 THE RISE OF CHINESE BANKS LONDON’S MIDDLE EAST CULTURAL SCENE › COVER STORY Blom Bank: Combining Cover: detail of Samia Halaby’s Clouds and Trees, 2013.
    [Show full text]
  • BLOM Lebanon PMI® Operating Conditions Deteriorate Markedly As Firms Continue to Struggle Following Explosion
    Embargoed until 1100 EEST (0800 UTC) 5 October 2020 BLOM Lebanon PMI® Operating conditions deteriorate markedly as firms continue to struggle following explosion Marked, albeit slightly softer, deterioration in business conditions Contents Further declines in output and new orders Overview and comment Rate of job shedding remains modest Output and demand This report contains the latest public release The latest downturn was partially driven Business expectations of data collected from the monthly survey of by a further decline in output at the end business conditions in the Lebanese private of the third quarter. Although the rate of sector. The survey, sponsored by Blominvest contraction eased from August, it remained Employment and capacity Bank and compiled by IHS Markit, has been among the quickest since data collection conducted since May 2013 and provides an began nearly seven-and-a-half years Purchasing and inventories early indication of operating conditions in ago. When explaining the fall in activity, Lebanon. The headline figure derived from panellists mentioned ongoing disruption Prices the survey is the Purchasing Managers’ related to the Beirut port explosion, as well Index™ (PMI®). as difficulties in securing US dollars. International PMI The PMI is a composite index, calculated In line with the trend for output, new as a weighted average of five individual orders received by Lebanese businesses sub-components: New Orders (30%), continued to fall during September. The Further information Output (25%), Employment (20%), rate of decline softened from August but Suppliers’ Delivery Times (15%) and Stocks remained historically marked. Underlying of Purchases (10%). Readings above data indicated that both domestic and 50.0 signal an improvement in business foreign demand conditions were subdued, conditions on the previous month, while with new export orders falling.
    [Show full text]
  • Lebanese Banks
    Lebanese Banks Bank Audi (AUDI LB) MARKETWEIGHT USD 7.00 Equity Research Blom Bank (BLOM LB) OVERWEIGHT USD 10.00 September 26th, 2012 Byblos Bank (BYB LB) MARKETWEIGHT USD 1.60 Expect no major catalysts that could drive shares higher on account of weakened investor appetite and slower earningsSector :momentum Banking CountryThe Lebanese: Lebanon banking sector seemed to hold up well in H1/12 despite sluggish economic conditions on the local scene and impact from the Syrian unrest. Key activity growth indicators continued to report decent performance with assets, deposits and loans growing at a respective 4%, 4% and 6% Ytd in H1/12. In our coverage universe, Bank Audi, Blom Bank and Byblos Bank saw their deposit base grow by a respective 0%, 3%, 4 % and their loan portfolio grow by 6%, 4%, 2% respectively. Following a movement initiated in 2011, Lebanese banks’ profits trended flat in H1/12 which we expect to continue for the remainder of the year. This weaker momentum could be attributed to i) pressured margins from declining yields on Lebanese securities along with a limited capacity to further decrease the cost of funds ii) higher provisions as measures facing developments in Syria and iii) slowing growth in fees and commissions. In our coverage universe, Bank Audi, Blom Bank and Byblos Bank reported earnings growth rates at respective 6% (excluding the sale of LIA), 1% and 0% YoY in H1/12. The asset quality of Lebanese banks is being impacted by some deterioration in Syria while it remained largely contained domestically. Furthermore the smaller share of the Syrian loan portfolio in the consolidated loan book has moderated the impact on asset quality.
    [Show full text]
  • Resilience Powered by Innovation
    Resilience powered by Innovation Bank ABC Group Annual Report 2020 Table of Contents ABC Group Exemplary Financial 1 Snapshot 5 Performance 2 Our Promise 98 Independent Auditors’ Report 5 2020 at a glance 104 Consolidated Statement of Financial Position 105 Consolidated Statement of Profit or Loss Visionary 106 Consolidated Statement of 2 Leadership Comprehensive Income 107 Consolidated Statement of Cash Flows 10 Directors’ Report 108 Consolidated Statement of Changes 16 Board of Directors in Equity 18 Head Office Management 109 Notes to the Consolidated Financial Statements 20 Organisational Chart 21 Group Performance 22 Financial Highlights Sound Conduct & 6 Global Access Operational 184 Code of Conduct 3 Excellence 192 Directory 193 Network 26 Review of Operations 38 Corporate Governance Responsible 4 Governance 56 Risk Management Table of Contents ABC Group Exemplary Financial 1 Snapshot 5 Performance 2 Our Promise 98 Independent Auditors’ Report 5 2020 at a glance 104 Consolidated Statement of Financial Position 105 Consolidated Statement of Profit or Loss Visionary 106 Consolidated Statement of 2 Leadership Comprehensive Income 107 Consolidated Statement of Cash Flows 10 Directors’ Report 108 Consolidated Statement of Changes 16 Board of Directors in Equity 18 Head Office Management 109 Notes to the Consolidated Financial Statements 20 Organisational Chart 21 Group Performance 22 Financial Highlights Sound Conduct & 6 Global Access Operational 184 Code of Conduct 3 Excellence 192 Directory 193 Network 26 Review of Operations 38 Corporate Governance Responsible 4 Governance 56 Risk Management Our Promise A team committed to your success. 2 Bank ABC Group Annual Report 2020 Strategic Intent To be MENA’s leading international bank.
    [Show full text]
  • 2012 ANNUAL REPORT 2012 06 Chairman’S Letter 68 Consolidated Financial Statements
    www.blombank.com ANNUAL REPORT 2012 ANNUAL REPORT 2012 06 Chairman’s Letter 68 Consolidated Financial Statements 08 Key Figures 70 Consolidated Financial Statements 70 Auditors’ Report 71 Consolidated Income Statement for the 11 Organizational Chart year ended 31 December 2012 72 Consolidated Statement of Comprehensive Income for the year 12 Group Chart ended 31 December 2012 73 Consolidated Statement of Financial Position at 31 December 2012 Corporate Governance 16 74 Consolidated Statement of Changes in Equity for the year ended 31 December Code of Corporate Governance 2012 BLOM BANK S.A.L. Major Common Shareholders Consolidated Statement of Cash Flows Board of Directors 78 for the year ended 31 December 2012 List of Board Members Information about Board of Directors 79 Notes to the Consolidated Financial Statements Board Meetings held in 2012 Information on Key Members of BLOM BANK S.A.L. Management 160 Worldwide BLOM BANK S.A.L. Commercial Arrangements Correspondent Banks General Management of BLOM BANK S.A.L. BLOM BANK Group 161 Management & Network 30 Management Discussion & 162 Banks & Financial Subsidiaries Analysis 2012 BLOM BANK S.A.L. BLOMINVEST Bank S.A.L. 31 Operating Environment BLOM Development Bank S.A.L. 36 Overview BLOM Bank France 37 Evolution of Total Assets BLOM Bank (Switzerland) S.A. 38 Sources of Funds Bank of Syria and Overseas S.A. 41 Uses of Funds Syria and Overseas For Financial 45 Liquidity Services Ltd 46 Profitability BLOM Bank Egypt 52 Dividend Distribution and Preferred Shares BLOM Egypt Securities Revenue BLOMINVEST Saudi Arabia 53 Interest Rate Risk BLOM Bank Qatar LLC 53 Risk Management and Basel III Preparations Experts Financial Services 57 Universal Banking Services 180 Insurance Subsidiaries 61 Information Systems and Technology AROPE Insurance 63 People Development AROPE Syria - Syria International 65 Bank’s Operational Efficiency Insurance AROPE Egypt Insurance AROPE Egypt Life Insurance Dr.
    [Show full text]
  • Financial Results of the Three Largest Lebanese Banks in 2011
    Financial Results of the Three Largest Lebanese Banks in BLOMINVEST BANK 2011 January 28, 2012 Contact Information Research Department [email protected] Head of Research: Marwan Mikhael [email protected] Comparative Profitability and Performance Highlights ROE (%) ROA (%) Cost-to-Income (%) BLOM 19.2 1.46 36.4 Audi 16.4 1.27 46.6 Byblos 13.6 1.13 42.8 (in thousands of USD) Tier 1 Capital Total Shareholder Equity 2011 2010 Growth 2011 2010 Growth BLOM 1,974,912 1,817,336 8.7% 1,984,047 1,890,933 4.9% Audi 2,284,344 2,263,756 0.9% 2,356,021 2,420,388 -2.7% Byblos 1,657,830 1,589,951 4.3% 1,647,552 1,629,463 1.1% Total Assets Net Income 2011 2010 Growth 2011 2010 Growth BLOM 23,165,390 22,344,180 3.7% 331,522 330,601 0.3% Audi 28,737,997 28,688,010 0.2% 365,208 352,248 3.7% Byblos 16,601,032 15,288,486 8.6% 179,727 177,658 1.2% Customer Deposits Loans 2011 2010 Growth 2011 2010 Growth BLOM 20,300,781 19,605,900 3.5% 5,591,559 5,178,464 8.0% Audi 24,797,651 24,847,822 -0.2% 8,594,312 8,547,543 0.5% Byblos 12,820,187 11,890,088 7.8% 4,009,050 3,771,303 6.3% Source: BLOM, Audi, Byblos Financial Results of the Three Largest Lebanese Banks in 2011 S A L During 2011, the three largest Lebanese banks (BLOM, Audi, and Byblos) proved highly resilient growing their earnings amidst a year filled with uncertainty and dramatic changes in the region despite reporting a combined $94 million in net collective provisions.
    [Show full text]