Egypt’s IDB bank 10-month profits grow to almost half billion pounds

Egypt’s state-run Industrial Development Bank (IDB) has made a higher profit in October up to 435 million Egyptian pounds ($27 million), its chairman Maged Fahmy said on Wednesday.

In September, the bank posted a profit of about 303 million pounds. .

Fahmy made his remarks comments on the side lines of signing an agreement with the Mortgage Finance Fund (MFF).

Considering the current strong and positive indicators, IDB’s profits are expected to grow to more than 500 million pounds by the end of the year, Fahmy said.

The bank’s net interest income reached about 502 million pounds by the end of September, marking an annual increase of 9 percent, he added.

Customers’ deposits rose 62 percent to 20.973 billion pounds at the end of September from 12.8 billion pounds in the same month a year earlier.

Retail loans and mortgage financing recorded about 1.7 billion pounds, marking an annual growth of 35 percent, while the total loans grew 34 percent to 11.83 billion pounds, Fahmy said.