The Ordinary and Extraordinary General Assemblies of the Industrial Development Bank (IDB) have approved the bank’s standalone and consolidated financial statements for the fiscal year ending 31 December 2024, along with a decision to double its authorised capital from EGP 5bn to EGP 10bn.
Akram Tinawi, Non-Executive Chairperson, described 2024 as a pivotal year for the bank. He highlighted that IDB’s issued and paid-up capital increased tenfold—from EGP 500m to EGP 5bn—in line with the Central Bank of Egypt’s regulatory requirements. This capital boost was supported by Banque Misr, which raised its ownership stake in the bank to 85.04%.
Tinawi emphasised that despite challenging economic conditions, the bank achieved remarkable progress, financing developmental projects across diverse economic sectors in support of the national economy. He attributed this performance to effective risk management, as well as a strengthened focus on corporate social responsibility and sustainable development.
Chief Executive Office & Managing Director Hussein Refaie hailed 2024 as a transformative year marked by growth and resilience. He noted that IDB underwent a comprehensive restructuring guided by a clear strategic vision to reposition the bank as a full-service commercial institution with a strong commitment to industrial development.
According to Refai, swift and decisive action underpinned the bank’s turnaround. This included prioritising critical areas, optimising human capital, leveraging existing capabilities, and modernising internal departments to enhance operational efficiency and decision-making—efforts that directly contributed to the year’s strong financial performance.
IDB also intensified efforts to address non-performing loans, enhance provisions, and support distressed clients to revive inactive industrial operations. Numerous settlements were reached with committed borrowers, strengthening both cash and in-kind recoveries.
Throughout 2024, the bank played a key role in financing syndicated loans for strategic national projects in sectors including oil and gas, electricity, energy, housing, and real estate development. The authorised credit limits for syndicated loans rose by EGP 4.85bn during the second half of the year. Additionally, IDB made notable strides in the securitisation market, executing eight transactions worth EGP 1.02bn.
Strong Financial Growth and Operational Indicators
The bank’s balance sheet expanded by 23%, reaching EGP 49.6bn by the end of 2024, up from EGP 40.2bn in 2023. Customer loans surged by 44% to EGP 25.9bn, compared to EGP 17.9bn in the previous year.
Customer deposits also increased significantly—rising by 34% to EGP 36.1bn, up from EGP 26.9bn—reflecting successful efforts to expand the bank’s customer base and diversify its funding sources.
Pre-provision profits more than doubled, reaching EGP 1.7bn by the end of 2024, compared to EGP 800 million in 2023. Operating income grew by 113% to EGP 2.7bn, while net interest income jumped 143% to EGP 2.4bn, up from EGP 1bn in the previous year.
The bank also improved its provision coverage ratio to 97%, up from 59%, and reduced its cost-to-income ratio to 36%, compared to 40% the previous year.
Digital Expansion and Infrastructure Modernisation
In line with its digital transformation strategy, IDB established and launched a state-of-the-art alternative data centre in Borg El Arab, constructed in accordance with the latest international standards.
The bank also rolled out its new “Internet and Mobile Banking” platforms, designed to offer secure and user-friendly digital services aligned with modern banking trends.
During 2025, IDB plans to open several new branches featuring a distinct banking identity, offering a wide range of digital services to enhance client access and extend the bank’s nationwide presence.
As a full-service commercial bank, IDB is committed to delivering a comprehensive product portfolio anchored in modern technology and financial innovation.
Commitment to CSR and National Development Goals
IDB continues to implement an integrated corporate social responsibility (CSR) strategy focused on supporting vulnerable communities, empowering women and youth, and contributing to national development initiatives. These efforts are aligned with Egypt’s Sustainable Development Goals and Vision 2030.
The bank reiterated its commitment to pursuing an ambitious strategic roadmap aimed at consolidating its position within the banking sector, contributing effectively to economic stability, and supporting comprehensive development under a clearly defined vision that aligns with national priorities.
