IDWBE Attains EGP104 mln Operating Profits by Sept-End

The operating profits of the Industrial Development and Workers Bank of Egypt (IDWBE) jumped to EGP 34 million to reach EGP 104 million within the next September compared to EGP 70 million at the end of June 2013.

An official source in the bank  told Amwal Al Ghad that IDWDE is targeting to make its profits up EGP 120 million by the end of this fiscal year compared to EGP 71 million in the last fiscal year.

The bank is currently in talks with the country’s Ministries  of Finance and Industry along with the Central Bank of Egypt (CBE) seeking to increase its issued Capital to EGP 2 billion from EGP 500 million.

IDBE’s board of directors chaired by Mr. El-Sayed El-Kosayer has discussed with Mounir Fakhry Adel Nour , the Minister of Industry and Foreign Trade the importance of increasing the bank’s capital so as to support the industrial sector , the factories in default and push the economy  of upcoming phase within the next period.

Shareholders’ Structure Changed to become 84.4 % for Ministry of Finance, 3.3 % for Public Sector, 12.3 % for Private Sector.

worth noting that the Industrial Development & Workers Bank of Egypt has posted remarkable earnings during H1/2013 which hit EGP 70 million. The bank’s total finance to the SMEs has reached around EGP 400 million by the end of last June, compared to EGP 350 million by 2012-end.