Industrial Development Bank: EGP70 Mln Profits By June-End

Industrial Development and Workers Bank of Egypt has posted profits of EGP 70 million at the end of June 2013, compared to EGP 32 million by the end of last March, with an increase of EGP 38 million. Thus, the total value of the bank’s profits in the first quarter of 2013 is equal to the bank’s profits through the whole last year.

Hamdi Azzam, member of the bank’s board of directors, told Amwal Al Ghad that these numbers are peerless; moreover the bank intends to achieve net profit of EGP 110 million by the end of 2013.

The gross volume of the direct and indirect loan portfolio in the bank surged to EGP 4 billion at the end of June 2013, compared to EGP 3.6 billion at the end of 2012, recording an increase of EGP 400 million, he added.

Hamdi Azzam pointed out that the bank’s portfolio achieved a peerless growth whereas the bank had pumped EGP 100 million in Hyde Park’s loan; noting that the total value of the loan worth EGP 1.2 billion.