Industrial Development Bank Achieves Unprecedented Growth Rates In 2012
The Industrial Development and Workers Bank of Egypt succeeded in achieving the bank’s strategy with unprecedented growth rates in the bank’s history after the new administration held the bank in September 2011, said El-Sayed El-Kosayer, chairman of the bank.
The bank’s loan portfolio grew by 43% during the period from September 2011 to the end of 2012. The bank injected new finances worth EGP 631 million to the loan portfolio to reach EGP 2.086 million, compared to EGP 1.455 million in September 2011, he added.
The bank’s SME finance portfolio grew by 141% and the number of SME customers increased by 250% through offering financing products and packages suitable for all customer segments.
He revealed that the bank signed with SFD four finance agreements worth EGP 180 million to offer loans to small enterprises with easy conditions suitable to the cash flows of each project.
The bank’s retail banking portfolio surged by 480% through developing and diversifying the retail banking products. The bank approved a new financing program to deliver natural gas for houses in Fayoum, personal loans for employees working in government and private sectors and educational loans.
El-Kosayer affirmed that the bank succeeded in rescheduling and settling non-performing loans worth EGP 520 million, representing 30% of the value of NPLs portfolio. The bank received EGP 104 million in cash in 2012 under debt settlement agreements.
The bank’s deposit portfolio witnessed a slight increase of 2.8%, registering EGP 1.290 million at the end of 2012, compared to EGP 1.252 million at the end of 2011.
All the previously mentioned factors have helped the bank to achieve initial net profit of EGP 71 million before provisions. He noted that the bank coordinates with the Central Bank of Egypt and regulators to set a strategy to bridge the provision gap.
