IDBE’s Budget Posts EGP 30 Mln Profit In FY 2011/12

The Industrial Development and Workers Bank of Egypt is finalizing the budget of the current fiscal year to be submitted afterwards to the Central Bank of Egypt and the Central Auditing Organization, said Hamdi Azzam, board member at the bank.

The bank has succeeded in posting profits between EGP 25 million to EGP 30 million in FY 2011/2012 after posting losses for eight consecutive years, Azzam told Amwal Al Ghad.

Achieving such profits is an achievement for the new board of directors after the consecutive losses the bank incurred since 2004, he affirmed.

Focusing on SMEs and retail banking in addition to settling bad debts have enabled the bank to achieve such profits, Azzam concluded.