Industrial Development Bank Reports 9-Month Operating Profit Of EGP 43 Mln

The Industrial Development and Workers Bank of Egypt raised its operating profit to EGP 43 million at the end of last September, from EGP 28 million last June.

Sources attributed such increase in profit to the bank’s expansion in financing small and medium enterprises (SMEs) as loans offered to such enterprises surged EGP 320 million and in retail loans which registered about EGP 100 million at the end of last September.

The bank targets to increase its operating profit to EGP 50 million before the end of 2012 to register the best record since 2004.

The bank approved to provide a finance of about EGP 55 million for a cleaning company to finance the establishment of a waste recycling factory after it was assigned by the government to clean up the streets in Cairo, Alexandria and Helwan.