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Industrial Development Bank Holds Its Ordinary and Extraordinary General Assembly Meetings
Achieves EGP 1.7 billion in Pre-Provision Profits and Increases Authorized Capital to EGP 10 billion

The Industrial Development Bank (IDB) convened its Ordinary and Extraordinary General Assembly meetings to approve the separate and consolidated financial statements for the fiscal year ending December 31, 2024, and to approve the increase of the authorized capital from EGP 5 billion to EGP 10 billion.

Mr. Akram Tinawi, Non-Executive Chairman of the Board, expressed his gratitude for the bank’s achievements in a short period since the new board assumed its duties at the end of June 2024. He emphasized that 2024 was a pivotal year, during which the bank’s issued, and paid-up capital was increased from EGP 0.5 billion to EGP 5 billion, in line with the requirements of the Central Bank of Egypt, supported by Banque Misr, which raised its stake in the bank to 85.04%.

This backing led to the appointment of a new board and executive team, combining experienced professionals with fresh leadership talent in key positions. This mix, alongside the bank's existing capabilities, contributed to improved performance, strong growth indicators, and the development of an ambitious strategy based on innovation, flexibility, and speed.

Tinawi also noted that the bank had made unprecedented strides, participating in financing development projects across various economic sectors to support the national economy, while enhancing its risk management framework and reinforcing its role in social responsibility and sustainable development.

From his side, Mr. Hussein Refaie, CEO and Managing Director, stated that 2024 was an exceptional year for the IDB in terms of growth and overcoming challenges, highlighting the clear and structured strategy adopted to restructure and reposition the bank as a comprehensive commercial bank focused on supporting and localizing industry.

Under the new leadership, significant restructuring steps were taken, including prioritizing key initiatives, redeploying human capital, and revamping internal sectors to ensure faster and more effective decision-making.

Key Achievements in 2024:

• Focused efforts on resolving non-performing loans and enhancing provisions.

• Restructured troubled loans and restarted stalled factories, recovering funds through settlements with committed clients.

• Participated in several syndicated loans supporting strategic projects in sectors such as oil & gas, energy, real estate, and housing, with syndicated loan limits increasing by EGP 4.85 billion in Q2 2024.

• Successfully executed 8 securitization operations, with a total value of EGP 1.02 billion.

Strong Financial Growth:

• 23% growth in total assets: EGP 49.6 billion by end of 2024 vs. EGP 40.2 billion in 2023

• 44% growth in customer loans: EGP 25.9 billion vs. EGP 17.9 billion

• 34% growth in customer deposits: EGP 36.1 billion vs. EGP 26.9 billion

• 100% growth in pre-provision net profit: EGP 1.7 billion vs. EGP 0.8 billion

• 113% growth in operating income: EGP 2.7 billion vs. EGP 1.3 billion

• 143% growth in net interest income: EGP 2.4 billion vs. EGP 1.0 billion

• Provision coverage ratio improved to 97%, up from 59% in 2023

• Cost-to-income ratio improved to 36% from 40% in 2023

Technology and Digital Transformation:

The bank completed the construction and launch of a backup data center in Borg El Arab, built to international standards, and launched its Internet and Mobile Banking platforms, providing secure and convenient digital services for its clients.

Future Expansion:

The bank plans to open several new branches during 2025, with a modern banking identity that offers digital banking services aligned with its strategy to be a comprehensive commercial bank delivering a full suite of innovative financial products.

Social Responsibility and Vision:

IDB adopted a comprehensive CSR strategy focused on supporting underprivileged groups, empowering women and youth, and contributing to national initiatives in alignment with Egypt Vision 2030 and the Sustainable Development Goals.

In conclusion, the Industrial Development Bank reaffirmed its commitment to implementing its ambitious strategy, strengthening its position in the banking sector as a promising financial institution actively contributing to inclusive development and economic stability, driven by a clear vision and well-structured plans that meet the aspirations of both the state and society.