Industrial Development Bank’s Operating Profit Hits EGP 54 Mln

The Industrial Development and Workers Bank of Egypt’s operating profit rose by EGP 26 million to reach EGP 54 million at the end of last November, compared to EGP 28 million at the end of 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 to EGP 325 million as well as retail loans which registered about EGP 110 million at the end of last November.

The bank targets to increase its operating profit to EGP 60 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 the clearing company was assigned by the government to clean up the streets in Cairo, Alexandria and Helwan.