Bank of London and Middle East announces its financial results
- Kuwait: Tuesday, September 11 - 2012 at 11:53
- PRESS RELEASE
Bank of London and The Middle East plc (BLME), announced its financial results for the six months ended 30th June 2012.
●Over a threefold increase in Net Fee Income due to the expansion of Capital Markets.
●Total assets up 13% owing to a significant increase in Leasing, Property and Trade Finance business.
The notable factors behind the first half performance in 2012 were:
●Asset Based Lending, Commodity Trade Finance and Acquisition Finance services and products launched.
●The increasing momentum in Lease and Property Finance. At half year, BLME lease finance has financed over $794.6m (£500m) of assets since launch and BLME's property financing portfolio is now over $317.8m (£200m).
●A strengthened liability profile, aided by the healthy growth in the Premier Deposit Account (PDA).
●The continued strong performance of BLME's core funds, where the Sharia'a US Income Fund has been rated 8th out of 776 funds and the High Yield Fund has achieved the leading position in a peer group of 19 Sukuk funds.
●The Light Industrial Building Fund, a UK Sterling denominated fund has now acquired a broad spread of assets and is attracting increasing investor interest.
Humphrey Percy, CEO of BLME, commented on the results, "The positive first half results are founded on improved performance across all of the Bank's operating units. We have seen increased levels of repeat business which validates the importance we place on relationship focussed and solution led services. Furthermore, I am pleased that BLME's high quality product, investment and structuring expertise is translating into higher levels of business both in domestic markets and in the GCC, enabling BLME to achieve greater profitability and growth."
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