Blom Bank’s deposits post a 10% increase in 2011

Tarek Metwally, assistant managing director and CEO of Blom Bank, said that the 2011 Bank’s initial results showed that deposits volume grew by 10% as it reached EGP 6.85 billion in 2011, compared with EGP 6.2 billion in 2010, thanks to the five-year savings certificates Blom offered, whose return is up to 11% monthly and the three-year savings certificates whose return is up to 11.25% monthly, 11.5% every three months and 11.75% annually.

Blom’s loan portfolio posted a slight retreat not exceeding 1%, as the net loan portfolio registered EGP 2.686 billion in 2011, compared with EGP 2.713 billion by the end of 2010.

Blom’s profit increased by 58% by the end of 2011, as it registered EGP 70.137 million.

Metwally said that the Bank studies offering Islamic retail banking products in the upcoming period, in response to the increasing demand on these products.