Banque BEMO published its audited financial statements for the year 2022 conveying a net loss of $57.52 million compared to a profit of $0.40 million a year earlier. In details, the bank’s net interest income rose by 11.66% y-o-y to $62.92 million, up from $56.35 million in 2021. On the other hand, net commission & fee income dropped by 94.11% to $1.87 million, noting that the bank reported net gains on financial instruments & other operating income of $4.16 million (of which some $2.98 million stem from other operating income). The bank also registered a net loss on exchange of $68.70 million in 2022, in comparison with a net loss of $25.49 million the previous year. Banque BEMO booked a net credit loss expense of $5.16 million in 2022, compared to an impairment loss of $30.00 million in 2021. Consequently, the bank registered a net operating loss of $4.91 million in 2022, compared to a net operating income of $37.49 million a year before. The bank’s total expenses increased by 41.94% in 2022 to $51.67 million on the back of the 80.22% rise in staff costs to $37.41 million coupled with the 13.40% increase in other operating expenses to $16.66 million. On the balance sheet front, Banque BEMO's total assets contracted by 3.13% during the year 2022 to nearly $2.25 billion, mainly owing to the 31.73% drop in net loans & advances to $289.32 million which outweighed the 11.37% increase in cash, compulsory reserves and balances with Central Banks to just below $1.64 billion. Banque BEMO’s shares & securities held at Fair Value Through Profit or Loss increased by 69.32% in 2022 to $4.03 million, while its investment securities portfolio fell by 25.37% to $199.06 million. On the liabilities side, customer deposits rose by 0.41% during the year 2022 to around $1.72 billion. In this context, the bank’s ratio of net loans to customer deposits receded to 16.86% at end of year 2022, with shareholder’s equity ending the year 28.22% lower at $148.79 million.