BLOM Bank to raise issued, paid capital to 2 bln pounds by 2017-end

BLOM Bank Egypt’ extraordinary general assembly agreed to use 300 million Egyptian pounds of the profits to increase the issued and paid capital by 17.6 percent to record 2 billion pounds, the bank announced.

The bank achieved a net profit of 702 million pounds in 2017 on a year-on-year basis, marking a 30 percent increase, the press release remarked.

It clarified that the rise in the capital is to support the bank’s financial position and to increase the capital adequacy ratio.

The statement showed that banks and customers’ loans rose 29.35 percent, recording 12.03 billion pounds, and the deposits increased 23.77 percent to 30.2 billion pounds by adding 6.6 billion pounds.

BLOM Bank said assets climbed 24 percent to stand at 34.4 billion pounds at the end of 2017, compared to 27.8 billion pounds in 2016.

BLOM bank is a Lebanese bank established in 1951. Its business operations are based on a universal banking model that includes: commercial banking, corporate banking, private banking, investment banking, asset management, retail banking, Islamic banking, brokerage services, and insurance products and services.

BLOM Bank Egypt is a commercial bank offering banking and financial services, with a paid up capital of  1700 Million pounds

It has a branch network of 38 branches covering Greater Cairo, Alexandria, Hurghada, Sharm El Sheikh, Damietta, Port Said, Mansoura, Ismailia, Tanta, El-suez, El Dakahlia, and EL Minya.