In 2007, Blom’s net profits grew by 13.5% to $204.8m, providing a healthy 15.7% return on equity, and in the first half of 2008 net profits were up 40.3% to $130.7m.
In 2008, Blom opened a representative office in Abu Dhabi, started Blominvest Saudi Arabia and obtained approval for a licence for BlomBank Qatar, giving Blom a presence in 11 countries, with the bank being the largest Lebanese bank outside Lebanon, having 29.8% of total Lebanese offshore assets and 33.8% of offshore customer deposits.
In the past year, the bank opened five new branches in Lebanon, 13 in Egypt, three in Jordan and one in Syria, bringing the total number of branches at end-June 2008 to 92, with Lebanon having 53, Egypt 23, Jordan six and Syria 10. In Lebanon, the bank has the largest retail loan portfolio following significant 54.5% growth in the year to June 2008, and has become the first Lebanese bank to establish an asset management unit, launching the country’s first balanced mutual fund in late 2007, the Blom Cedars Fund.
Saad Azhari, CEO of Blom, says: “We are honoured to be awarded Bank of The Year 2008 in Lebanon by The Banker. This achievement has been the result of our continuous search for excellence in order to maximise customer satisfaction and enhance shareholder value. Winning this award is a challenge for our bank in order to sustain our leadership in Lebanon and reinforce our positioning as a leading regional bank.”
