IDBE Targets EGP 22 mln Profits in H2 of 2012
Industrial Development and Workers Bank of Egypt (IDBE) aims at achieving EGP 22 million profits during the second half of 2012, compared to EGP 28 million profits in first half; this to reach total profits EGP 50 million at the end of the year.
Hamdy Azzam, board member at the bank, told Amwal Al Ghad that the bank will achieve the growth rates by expansion in financing the SMEs, as it will inject new funds with EGP 220 million so that the total portfolio will amount to EGP 500 million.
Azzam added that the bank will curtail the non-performing loans with 25%; this will decrease the provisions value and make them profitable. The bank will finish the settlements with 80 delinquent clients with value of EGP 425 million by the end of the fiscal year 2011/2012; which its cash receipts reached EGP 110 million.
