Cairo – Mubasher: Industrial Development Bank’s (IDB) net profit grew 35% year-on-year to EGP 512 million in 2019, deputy chairman Hamdy Azzam said in a statement released on Tuesday.

The bank’s financial position rose by 27% YoY to EGP 31 billion last year, from EGP 24 billion in the year-ago period, Azzam added.

Azzam revealed that loans portfolio increased by 32% YoY to EGP 25 billion in 2019, whereas deposits went up to EGP 25 billion.

In 2019, IDB launched an initiative to finance 1,000 small and medium factories with EGP 7.5 billion which created 20,000 jobs.