BLOM Bank: Assets Obtained in Settlement of Debt
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Location
Lebanon |
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Series ID
135040 |
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Reference
LEB135040A2025 |
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Currency code
LBP |
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Source
Economena Analytics, BLOM Bank, Beirut Stock Exchange |
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Frequency
Annual |
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Unit
Trillion |
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Aggregation
End of Period |
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Note
In February 2023, the Central Bank of Lebanon changed the official published exchange rate from LBP 1,507.5 to LBP 15,000 to the US Dollar. The consolidated financial statements as at 31 December 2023 include adjustments from the change in the rate from LBP 1,507.5 to LBP 15,000 to the US Dollar. In January 2024, the Central Bank of Lebanon changed the official published exchange rate from LBP 15,000 to LBP 89,500 to the US Dollar. The consolidated financial statements as at and for the year ended 31 December 2023 do not include adjustments from the change in the rate from LBP 15,000 to LBP 89,500 to the US Dollar (The consolidated financial statements as at and for the year ended 31 December 2022 do not include adjustments from the change in the rate from LBP 1,507.5 to LBP 15,000 to the US Dollar). Figures for the years ended December 31, 2023, and December 31, 2024, have been restated. The Group recorded adjustments to the carrying amounts of tangible and intangible assets of entities operating in Lebanon based on Law 330 dated 4 December 2024 and Ministry of Finance Decision 715 dated 1 August 2025. These adjustments included the following: - Land and Buildings in Lebanon, included in property and equipment and assets obtained in settlement of debt were remeasured based on a valuation performed by an accredited independent external valuer in US Dollars and then translated into Lebanese Pounds at LBP 89,500, with a corresponding adjustment to accumulated depreciation; and - Tangible assets other than land and buildings and intangible assets of entities operating in Lebanon were adjusted by retranslating historical cost and accumulated depreciation at LBP 89,500 to the US Dollar. The adjustments were applied retrospectively, with corresponding figures as at and for the year ended 31 December 2024 restated and, a third statement of financial position presented as at 1 January 2024. With respect to assets obtained in settlement of debt, the Group adjusted the figures as of 31 December 2024 as required by the Ministry of Finance decisions 340/1 and 715 and Central Bank of Lebanon Intermediate Circular 741 issued on 10 September 2025. |
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Description
BLOM Bank is required to comply by all BDL circulars as stipulated in the Code of Money and Credit, especially article 208. As a result, the Bank has complied by these circulars when calculating expected credit losses in accordance to the specified ratios listed in Appendix 6 of BDL circular number 44, and as amended by the intermediate circular number 543 issued by BDL on February 3rd, 2020. It is necessary to point to the deteriorating economic and monetary situation in the markets, and the continued absence of agreement on an adequate financial rescue plan, make it very difficult to estimate the negative impact of the current crisis on the Financial Statements according to the international accounting standards. These financial statements were published in accordance with the requirements of the circulars issued by the Central Bank of Lebanon and the Banking Control Commission. These figures should not be relied upon as a basis for any decision related to the bank and must be read in conjunction with the complete set of financial statements and related disclosures as published on the Banks’s official website. Furthermore, these financial statements do not reflect any adjustments that may result from decisions issued by the Central Bank of Lebanon pursuant to Law No.330, dated December 4, 2024. The Net Income for the year shown in the Profit and Loss Statement, is mainly unrealized Income obtained from the FX translation of Foreign Currency Monetary Assets and Liabilities to Lebanese Pound, for the accounts of banks and their affiliated subsidiaries in Lebanon, at the exchange rate set at the date of preparing the Financial Statements in accordance with the Circular No. 300 issued by Banking Control Commission on November 27th, 2023. |
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Start date
2011 |
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End date
2025 |
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Useful links
www.blombank.com www.bse.com.lb |
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Suggested citation. Use of data is subject to Terms & Conditions
BLOM Bank, Beirut Stock Exchange, BLOM Bank: Assets Obtained in Settlement of Debt, retrieved from BRITE; https://brite.blominvestbank.com/series/BLOM-Bank-Assets-Obtained-in-Settlement-of-Debt-135040/ |
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