IDBE’s Budget Posts EGP 30 Mln Profit In FY 2011/12
Published Thursday, 28 June 2012 14:54 | Written by Mohamed Hamdy
The Industrial Development and Workers Bank of Egypt is finalizing the budget of the current fiscal year to be submitted afterwards to the Central Bank of Egypt and the Central Auditing Organization, said Hamdi Azzam, board member at the bank.
The bank has succeeded in posting profits between EGP 25 million to EGP 30 million in FY 2011/2012 after posting losses for eight consecutive years, Azzam told Amwal Al Ghad.
Achieving such profits is an achievement for the new board of directors after the consecutive losses the bank incurred since 2004, he affirmed.
Focusing on SMEs and retail banking in addition to settling bad debts have enabled the bank to achieve such profits, Azzam concluded.
Most Popular »
- Egypt Sees 20% Deficit in Commodities During Holy Month - Official
- Investors’ Woes Drag Egypt Benchmark Below 4605 Pts – Closing
- Syria Calls Egypt's Severing Of Ties A US-Israeli Conspiracy
- Germany's Terms Of Trade With Egypt Worth €4 Bln
- Rowhani’s Surprise Election In Tehran Could Resuscitate Obama’s Speech In Cairo