IDWBE Supports Its Allocations With EGP 150 mln

The Industrial Development and Workers Bank of Egypt (IDWBE) has finalized supporting its allocations  with about EGP 150 million within the first nine months of this year.

An official source in the bank  told Amwal Al Ghad that IDWDE has pumped about EGP 1.1 billion to fill the gap of allocations which ranging from EGP 1.5 billion to EGP 1.6 billion during the last two years via support loans which obtained from the Central Bank of Egypt (CBE), as well as capturing the profits of the last year which reached EGP 71 million so the allocations gap reduced to EGP 350 million .

The source said the bank is owning a great plan which is based on closing the allocations gap by 2014 throughout pumping EGP 50 million during the last quarter of this year and EGP 200 million within 2014.

IDWBE has attained EGP 34 million operating profits up EGP 1.4 million at the end of September, against EGP 70 million in June 2013.

The bank is aiming to make its profits EGP 120 million during the end of the current year, compared to EGP 71 million in the last period.