BLOM Bank Egypt doubles Q1 profits to 222 mln pounds

BLOM Bank Egypt made a 99.7 percent rise in first quarter profits to record 222.045 million Egyptian pounds ($12.3 million) versus 111.206 million pounds in the same period in 2016.

BLOM Bank Egypt is a subsidiary of Lebanon’s BLOM Bank.

Financial statements of the bank showed a rise in the bank’s investments in local treasury bills to record 6.475 billion pounds at the end of March 2017 versus 5.381 billion pounds at the end of 2016, recording a surge by 1.094 billion pounds.

Assets increased to 29.759 billion pounds at the end of March 2017 versus 27.755 billion pounds at the end of March last year, rising by 2.004 billion pounds.

The bank’s total loans to customers registered 8.783 billion pounds, compared to 8.595 billion pounds, up by 188 million pounds.

Total customers’ deposits in the bank amounted to 26.091 billion pounds at the end of the first quarter of 2017, from24.372 billion pounds last year, up by 1.71 billion pounds.