IDWBE Pumps EGP100mn to Close Allocation Gap by 2014-End

Industrial Development and Workers bank of Egypt (IDWBE) has pumped EGP100 million within the first half of the current year to cover the bank’s allocation gap which reached up EGP175 million.

Chairman of Board of Directors of the bank Hamdy Azzam said IDWBE is planning covering the entire allocations gap by the end of 2014 after succeeding in pumping EGP200 million in the last year along with obtaining support loan from the Central bank of Egypt (CBE).

Azzam explained that his bank attained EGP86 million profits before allocations within the first 6 months of 2014 and it is aiming achieving net profit ranging from EGP180 to EGP200 million.

In 2013-end  the bank hit EGP155 million profits against EGP70 million profits at the end of 2012.