The Industrial Development & Workers Bank of Egypt (IDWBE)’s loan portfolio increased by EGP 3bn in 18 months, according to its Chairperson Maged Fahmy.
Fahmy told Daily News Egypt that the loans portfolio increased from EGP 5bn, when he assumed chairpersonship of the bank in April 2016, to EGP 8bn at the end of October 2017.
He added that deposits also increased from EGP 2.2bn in April 2016 to over EGP 12bn at the end of October this year, up by about EGP 10bn.
Moreover, he said that the bank’s total budget exceeded EGP 15bn at the end of October 2017, up from EGP 7.4bn in April 2016, marking an increase of EGP 8bn.
Fahmy also pointed out that net profit rose from EGP 95m in April 2016 to about EGP 190m at the end of December 2016 and then to about EGP 250m by the end of October 2017.
He pointed out that the bank succeeded in achieving these results by expanding its customer base, conducting regular market studies to identify customer needs, offering complete product packages and banking services, issuing new products, reviewing existing products, and rewriting and developing them.
He added that the bank has also succeeded in improving services provided to customers and increasing the efficiency of distribution and communication channels through increasing the number of branches and improving the efficiency and performance of its employees.
According to Fahmy, the bank has adopted a new strategy in retail banking, under the name “retail banking for the development of society”, pointing out that the bank has already started to activate that principle through several programmes have been put forward through many schemes, next to more in the pipeline.
With regard to the bank’s restructuring project, Fahmy explained that PricewaterhouseCoopers (PwC) started this project two months ago, noting that the project aims to improve the work system within the bank and put it in the ranks of developed banks.
Also concerning the development process, Fahmy revealed that the bank has prepared a strategic plan to complete a new building for the bank in New Cairo in mid-2018, according to an investment plan worth about EGP 250m.
He added that a plan has also been created to develop the information technology infrastructure of the bank, with the help of a specialised and qualified team at the highest level to carry out this task.