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BLOM Bank to raise issued, paid capital to LE2 bln

BLOM Bank to raise issued, paid capital to LE2 bln

Cairo: BLOM Bank Egypt’ extraordinary general assembly agreed to use LE 300 million of the profits to increase the issued and paid capital by 17.6 percent to record LE 2 billion, the bank announced in a press release.

The bank achieved a net profit of LE 702 million 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 LE 12.03 billion, and the deposits increased 23.77 percent to LE 30.2 billion by adding LE 6.6 billion.

BLOM Bank said assets climbed 24 percent to stand at LE 34.4 billion at the end of 2017, compared to LE 27.8 billion 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 LE 1700 Million.

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.

Source: Egypt Today

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