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IDB profits reach EGP 512m in 2019 - Daily News Egypt

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IDB profits reach EGP 512m in 2019

We continue to support and develop Egyptian industries to achieve sustainable development: Fahmy

The business results of the Industrial Development Bank (IDB) revealed that the bank achieved profits of EGP 512m, before taxes, at the end of 2019, compared to EGP 379m at the end of 2018, representing an increase of 35%.

Maged Fahmy, chairperson of the bank stressed the bank’s keenness to strongly contribute to the progress and growth of all sectors in the country, especially the industrial sector.

Fahmy said that the bank aims to expand the spread of new branches nationwide, as it aims to bring the number of branches to 50 by the end of 2023, as well as completing the main headquarters in the new administrative capital.

He pointed out that the bank ranked fifth in financing small and medium projects, and the sixth in real estate financing for low-income people at the level of the banking sector, as it is the top participant in financing the commodity exchange project, as well as support for both the furniture city in Damietta and Rubiky city for leather.

According to Fahmy, the bank will launch new electronic products, such as internet banking, mobile banking, and electronic wallet, pointing out that during the coming period, about 42 ATMs will be deployed to cover different parts of Egypt.

He said that the Meeza direct debit card was issued as part of the bank’s expansion plan in the field of retail banking.

Fahmy stressed the bank’s focus on subsidiaries after the restructuring of Tanmia Financial Leasing Company, which was reflected in its performance significantly.

He said that the bank participates heavily in the reemployment initiative for defaulters, in addition to a number of joint financing projects, which reflects positively on the local industry.

In mid-2019, the bank launched an initiative to finance 1,000 small and medium-sized factories and initially allocated EGP 7.5bn to help provide 20,000 jobs.

For his part, Vice-Chairperson of the Bank Hamdy Azzam said that the bank achieved its highest growth rate in its history during 2019, as the bank’s financial position increased to EGP 31bn at the end of 2019, compared to EGP 24bn at the end of 2018, with a growth rate of 27%.

He added that the bank’s loan portfolio increased to EGP 13bn at the end of 2019, compared to EGP 10bn at the end of 2018, with a growth rate of 32%, while the regular loan portfolio increased to EGP 12bn against EGP 8.7bn with a growth rate of 38%.

Customer deposits increased to EGP 25bn at the end of 2019, compared to EGP 19bn at the end of 2018, with a growth rate of 32%. Azzam said that the non-performing loans portfolio had decreased to EGP 1bn by the end of 2019, pointing out that these debts correspond to provisions and credit risk insurance policies.

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