Industrial Development Bank’s Retail Portfolio Up To EGP 95 Mln

The Industrial Development and Workers Bank of Egypt’s retail banking portfolio surged to EGP 95 million at the end of September, up from EGP 15 million at the end of September 2011, with an increase of EGP 80 million.

The bank’s retail banking portfolio has posted high growth rate this year, thanks to the financing products offered to physicians and pharmacists as well as the personal loan and the educational loan, said Hamdi Azzam, board member at the bank.

The personal loans top the list of the retail banking products offered by the bank, he noted. The bank targets to increase the volume of the retail banking portfolio to EGP 150 million by the end of 2012.

The bank posted profit of EGP 36 million at the end of August, thanks to the growing retail banking portfolio, besides the bank’s expansion in financing small and medium enterprises (SMEs) as the bank offered about EGP 315 million to such enterprises.