The Industrial Development and Workers Bank of Egypt targets to offer finances worth EGP 250 million to medium-sized enterprises in electricity and construction sectors before the end of Q1.
The bank adopts a strategy to expand in financing medium enterprises while banks retreat from contributing to syndicated loans, said Hamdi Azzam, member of the board of directors of the bank.
The bank raised direct loan portfolio by EGP 600 million to reach EGP 2.094 billion at the end of 2012, compared to EGP 1.5 billion at the end of 2011, he added.
The bank’s deposit portfolio grew 7% to reach EGP 1.322 billion at the end of 2012, compared to EGP 1.232 billion at the end of 2011.
It is worth mentioning that the Industrial Development and Workers Bank of Egypt achieved profit of EGP 71 million at the end of last year after eight years of successive losses.
