Lebanon’s Blom Bank: 2016 profits rise 44.9% in Egypt

Blom Bank Egypt, the Egyptian arm of Lebanon’s bank Blom, says profits have risen 44.9 percent to record 539 million Egyptian pounds ($29.9 million) at the end of 2016.

The bank in Egypt posted profits of 372 million pounds at the end of 2015.

Deposits also rose to 24.3 billion pounds at the end of 2016, compared to 16.7 billion pounds a year earlier, Blom Bank Egypt chief executive Mohamed Ozalp announced in a press conference on Sunday.

Loans portfolio jumped to 9.4 billion pounds, from 6.2 billion pounds by end of 2015, Ozalp added.

Non-performing loans (NPLs) at Blom Egypt fell to 2.5 percent, from 6.2 percent, the banking official further said.

Blom Bank’s budget increased to 27.8 billion pounds, against 19.4 billion pounds by the end of 2015, Ozalp concluded.

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.