Blom Bank-Egypt 2015 profit 47.6%

Egypt’s Blom Bank posts a 47.6 percent rise in net profit during 2015 to record 372 million Egyptian pounds ($42 million), its chief executive Mohamed Ozalp announced Thursday.

In 2014, the bank recorded net profit worth 252 million pounds, Ozalp added during a press conference held in Cairo.

Portfolio of deposits also surged to 16.7 billion pounds, from 12.6 billion pounds.

Moreover, portfolio of loans hiked to 6.2 billion pounds by end of 2015, compared to 4.6 billion pounds a year earlier.

Blom is one of the Lebanese banks that expanded regionally over the past few years to diversify revenues and increase its market share in the Middle East. Blom has subsidiaries in Egypt, Jordan and Syria, as well as a representative office in the Arab Gulf region.