IDWBE Attains EGP40mln Profits in Q1

Industrial Development & Workers Bank of Egypt (IDWBE) attained EGP40 million within the first quarter of this year compared to EGP30million in Q1 OF 2013.

Speaking to Amwal Al Ghad Arabic’s Website, an official source illustrated that the bank is targeting achieving profits ranging from EGP180 to 200 million during the current year.

IDWBE has reached for final agreement with the Central Auditing Agency(CAA) to approve the bank’s budget of 2010 by next May after rejecting to approve it more than one time as there is a gap in the bank’s allocations, the source explained.

The bank pumped EGP1.1billion to fill  allocations gap which are ranging from EGP1.5billion to EGP1.6billion in the last 2 years through supporting loans which obtained from the Central Bank.

IDWBE has an ambition plan aiming to fill the allocations gap finally within 2014 and reserving the profits of 2013 and 2014.

Moreover,IDWBE registered EGP155 million at the end of 2013 against EGP70million which hit in 2012.