Blom Bank Egypt intends to expand its credit portfolio and the number of its branches in 2015, according to Mohamed Ozalp, Managing Director and CEO of Blom Bank Egypt. Ozalp told Daily News Egypt that five new mini-branches will be opened, including the first bank in Minya and the first in Upper Egypt. This expansion may be extended to the first quarter (Q1) of 2016. Ozalp added that the bank targets increasing the lending portfolio of the bank for corporate, large companies, retail banking or syndicated loans. Ozalp revealed that the bank will increase its funding in the real estate sector, and added that it increased its capital in 2014 and 2015. "The bank is considering participation in massive projects in Egypt, whether directly or through syndications," said Ozalp. "The bank is participating in more than one syndication, in electricity and oil projects." A large number of projects are being studied by Egyptian to invest in, with banks that have the capacities and expertise to finance and support these projects. Blom Bank, alongside other banks, is involved in a credit facility to finance imports of Kuwaiti crude oil under the management of the National Bank of Egypt (NBE). The credit facility, worth $1.8bn, is provided by the General Petroleum Authority for a period of five and a half years. Blom Bank Egypt's net profit for the fiscal year (FY) 2013/2014 increased by 85.97% at the end of December 2014. The bank has achieved a net profit of EGP 252.2m ($33.15m) compared to EGP 135.6 m ($17.8m) during FY 2012/2013. Source: Daily news
