BLOM Bank: Income Tax Expense - BLOM Bank Income Statement - Earnings - Lebanon

BLOM Bank: Income Tax Expense

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BLOM Bank: Income Tax Expense

Location
Lebanon

Series ID
135029

Reference
LEB135029A2024

Currency code
LBP

Source
Economena Analytics, BLOM Bank, Beirut Stock Exchange

Frequency
Annual

Unit
Trillion

Aggregation
Period Sum

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).

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.

Start date
2011

End date
2024

Useful links
www.blombank.com
www.bse.com.lb

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