Islamic Finance 

UK Islamic bank BLME mid-year profit almost flat at 7.15 mln pounds

| 22 August, 2019

Bank of London and the Middle East Holdings posted profit after tax for the six months ended June 30 of 7.15 million pounds ($8.67 million), up 1.4 per cent from the same period last year.

The UK bank’s assets grew 9.38 per cent from 1.28 billion pounds at the end of 2018 to 1.4 billion pounds at the end of June, it reported in a bourse filing on Thursday.

Customer deposits increased by 35 per cent during H1 and reduced funding concentration risk by 14 per cent compared to the end of 2018, said the bank.

Credit impairment gains for H1 were 2.5 million pounds compared with 3.6 million pounds for the same period last year.

BLME is a wholesale Islamic bank based in London with focus on wealth management, commercial finance and treasury. It is regulated by the Financial Conduct Authority and Prudential Regulation Authority in the UK.

Its branch at the Dubai International Financial Centre is regulated by the Dubai Financial Services Authority.

($1 = 0.8250 British pounds)

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