BLME Holdings report net profit before tax of GBP 5.1 million for H1 2014 

BLME Holdings plc today announced its half year financial results to 30th June 2014. BLME reported an operating profit before tax for the group of GBP 5.1 million.

The Group increased its operating profit before impairment charges by 177 per cent in the first half of 2014. There was strong operating income, margin income and profit growth to 30th June 2014, particularly in corporate banking.

It is also pleasing to note that Net Fee Income increased by 84 per cent to GBP 2.2 million, reflecting a more mature product offering, and increased earnings diversification.

Investment in product development and personnel is fundamental to the bank’s future success. These costs, along with the implementation of new technology solutions that will support growth and increase efficiency, resulted in a 16 per cent increase in operating expenses.

During the period there was a 32 per cent increase in group operating income from GBP 25.3 million to GBP 33.4 million for the six month period ended 30th June 2014. The balance sheet increased from GBP 1.1 billion to GBP 1.3 billion. BLME’s capital adequacy ratio remains within the impending Basel III standards.

BLME has posted consistent annual growth in Operating Profit before Impairments since 2007.

Adel Al Majed, Chairman of BLME, commented on the results: “This is my first interim report as Chairman of BLME Holdings plc and I am pleased with the progress and performance that the Group has made during the first half of 2014″.

 

Source: cpifinancial

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