Industrial Development Bank eyes 25% growth in 2012 retail banking portfolio

Industrial Development and Workers Bank aims that retail banking portfolio will achieve a 25% increase this year, up from last year’s portfolio which registered EGP 65 million.

El-Sayed El-Kaseer told Amwal Al Ghad that retail banking portfolio rose by EGP 55 million, as it registered EGP 65 million at the end of the last year, compared with EGP 10 million at the end of last September, thanks to the new products the bank offered last year, such as the personal loan and physicians and pharmacists financing programs.

El-Kaseer said that the Bank’s strategy relied on two bases: settling 25% of irregular debts in value to EGP 1.7 billion, considering that direct and indirect loan portfolio registered EGP 4.2 billion at the end of December 2011, as well as financing SMEs and achieving 200% growth rate up from the last year in which it reached EGP 200 million.

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