(MENAFN Press) BLME,the largest Islamic bank in Europe,today announced its full year 2012 financial results to 31 December 2012.BLME reports an Operating Profit before Tax for the Group of 5,515,000.
The key factor behind this achievement was a 67% increase in Operating Profit before Impairment Charges.
Balance Sheet 1,039,958,177 807,131,416
Total Operating Income 52,467,235 43,019,334
Operating Profit before Impairment Charges 7,276,451 4,353,844
Net Operating Profit 5,515,000 (8,897,990)
Key highlights of the full year results are:
·The bank reported Net Operating Profit before Impairment Charges for the Group of 7.3 million, a 67% increase over the 2011 result of 4.4 million.
·Balance sheet growth of 29% to over 1 billion.
·Fee income increased by 2.5 times
·BLME has maintained capital adequacy ratio in excess of current and also the impending Basel standards
Humphrey Percy, CEO of BLME, commented on the results:
"2012 was an important year for the bank. The return to profitability in 2012 is testament to the increasing diversity and quality of earnings with good contributions from the newly established Asset Based Lending, Acquisition Finance and Commodity Trade Finance units. These new units join BLME's core corporate banking businesses, Leasing and Property Finance, which bothalso delivered strong increases in earnings. BLME now provides a full suite ofproducts and has established itself as a leading UK mid-market banking services provider.
Our ability to create competitive and innovative products is clearly demonstrated by our funds. The US Income Fund was ranked as the 6th best performing fund in 2012 out of a peer group of 758 funds by Lipper Hindsight, the Reuters fund ranking service. The Global Sukuk Fund was rated as the top performing Sukuk Fund in 2012 by Zawya, the industry benchmarking specialist.
The imminent opening of the Dubai representative office as well as further new product launches, will allow the Bank to expand its reach and distribution. Based on the strong business and operating platform developed over the last five years, BLME is now well placed to undertake the next phase of its development and to increase profitability."
For a full copy of BLME's 2012Financial Results go to: http://www.blme.com/#/page/financial-information.