Egypt’s Industrial Development Bank eyes $26.7 mln operating profits at year-end

Egyptian Industrial Development and Workers Bank (IDWBE) says it targets operating profits up to 450 million Egyptian pounds ($26.7 million) at the end of this year from 416 million pounds last year.

At the end of April, the state-owned bank’s profits increased to 136 million pounds against 102 million pounds during the same month in 2018, its vice-chairman Hamdy Azzam told Amwal Al Ghad on Saturday.

“The bank pumped loans worth 1 billion pounds during the first four months of 2019,” Azzam said.

Moreover, customers’ deposits recorded 17 billion pounds at the end of last April from 19 billion pounds in 2018.