BLME first-half net profit jumps nearly 5 times

Dubai: The Bank of London Middle East Holdings (BLME) said on Sunday its first-half to June 2018 net profit jumped to £7.1 million (Dh33.4 million) compared to £1.5 million in the same period last year. The balance sheet remained stable at around £1.1 billion, the bank said in a statement on Sunday. And the cost income ratio before provisions reduced to 82 per cent compared to 93 per cent at the end of 2017. “We have made a good start to the year, and I am optimistic for the second half of 2018. Our cost trajectory is encouraging. Strategically, we will be putting considerable focus behind leveraging our new licence in the DIFC and building brand awareness,” Giles Cunningham, CEO of BLME Group said in a statement posted on Nasdaq Dubai’s website.