Egypt’s Industrial Development Bank posts 100 mln pounds-net profits in 4 months

Industrial Development and Workers Bank of Egypt (IDWBE) has achieved net profits worth 100 million Egyptian pounds ($5.5 million) during the period from January until April.

Hamdy Azzam, IDWBE’s Executive Board Member, told Amwal Al Ghad on Saturday that the bank targets profits estimated at 300 million pounds at the end of 2017, by expanding into small and medium-sized, personal, and corporate financing activities.

The Egyptian official further added that the bank’s SMEs portfolio registered around two billion pounds.

“We target growth rates by more than 30 percent per year,” Azzam noted.

Azzam referred that loans portfolio reached around seven billion pounds, while the total deposits hit five billion pounds at the end of last April.