Industrial Development Bank (IDB) is planning to achieve 12.5% year-on-year profit hike during the current fiscal year.
The bank is aiming at recording EGP 450 million profit in 2019, compared to a net profit of EGP 400 million last year, deputy chairman, Hamdy Azzam, told Mubasher.
Azzam added that the bank did not achieve large profits during 2018 due to taxes on treasury bills.
During the first six months of the year, the IDB’s profit amounted to EGP 222 million, compared to EGP 140 million, Azzam remarked.
Early in August, the deputy chairman announced that IDB was aiming at injecting fund amounting to EGP 216 million to 54 factories in the free zone of Port Said before the end of 2019.