Egyptian Industrial Development Bank’s H1 profits rise 11.33%

Industrial Development and Workers Bank of Egypt on Wednesday posted an 11.33 percent increase in its first half profits, reaching 167 million pounds from 150 million during the same period in 2017.

The Egyptian bank plans to achieve profits worth more than one billion pounds at the end of 2018, after selling part of its assets within the coming period.

For the full-year 2017, the bank’s net profits amounted to 500 million pounds.

In addition, the industrial lender seeks to open three new branches at the end of this year.