With continued innovation in retail and new structured products, Blom boosted net profits by 50.1% in 2005 to $136.9m, helping to lead the market with a 17.2% RoE. In 2006 the growth continued with record first quarter income of $44m, the highest in the country.
The bank was the first Lebanese bank to buy in Egypt and the new subsidiary expects to make $12.5m in profits in 2006. Blom has profitable operations in Jordan, Syria, the United Arab Emirates and Europe, as well as a 20.3% share in Lebanon’s brokerage market and a major role in Lebanon’s capital markets.
Vice-chairman and general manager Saad Azhari notes: “It is with great pleasure that we receive the Bank of the Year award, crowning our achievements for 2006 and confirming similar awards from other organisations. Today, as Lebanese banks have entered a new phase of regionalisation, we have kept our leading edge, becoming the first to enter the Egyptian market in the footsteps of our leading moves in Syria and Jordan. We look forward to consolidating our regional presence, increasing our network reach both inside and outside Lebanon and continuing to deliver the quality of service that our customers expect from us.”
