The loans portfolio of Blom Bank in Egypt rose by 14% in the first six months of 2016, registering a total size of EGP 7.2bn at the end of June, according to Managing Director and CEO of Blom Bank, Mohamed Ozalp.
Ozalp told Daily News Egypt that, over the six-month period, the bank has injected loans worth EGP 680m into a number of projects in different sectors, despite the limited number of opportunities in the market.
Meanwhile, the deposits portfolio at the bank registered EGP 19.7bn at the end of June 2016, recording a growth rate of 12% compared to December 2015.
Ozalp noted that the bank is considering entering a number of syndicated loans that are being arranged for a number of sectors. He, however, refused to disclose information on these loans in the meantime.
He said that the bank plays a prominent role in financing for all economic sectors, especially energy, construction, industry, food and agriculture, and small- and medium-sized enterprises (SMEs), in accordance with the feasibility of each project and its importance to the state, next to focusing on social responsibility to serve the Egyptian society.
Ozalp had earlier told Daily News Egypt that Blom Bank had successfully increased the size of the bank’s loans portfolio between August 2015 and August 2016 by EGP 1.6bn—a growth rate of 31.7%, compared to the corresponding period to these dates.
He added that the Blom Bank’s ambitious expansion plan in Egypt has not changed over the past few years, noting that the parent group considers Egypt its most important market in the Middle East region.
“This is evident by not repatriating any profits since Blom Bank entered Egypt,” he highlighted, adding that all profits were angled to support the financial position of the bank and improving its ability to expand, reaching a capital of EGP 1.25bn.
He pointed out that the bank serves its clients through 33 branches across the republic. He added that a new branch in Minya will be opened soon, as part of the bank’s expansion plan, which includes opening of six new branches between the last quarter of this year and mid-2017.
The bank currently employs more than 900 employees with a budget of EGP 21bn.