Blom Bank sees Egypt profitability offsetting declining earnings in Lebanon

Lebanon’s Blom Bank expects profits from its operations in Egypt to offset its declining earnings in Lebanon, Chairman Saad Azhari tells the National. According to Azhari, the bank expects its Egypt operations to see a 50% growth in profitability this year, and plans to increase its physical presence as well as continue to push its digital banking expansion. “We are growing very fast there, we are opening new branches we are growing our lending portfolio in retail, [to] SMEs and corporates. We see big potential for us in Egypt and we will be pushing very hard to grow there,” Azhari said.