Industrial Development Bank’s Real Estate Assets Reach EGP 50 Mln

The Industrial Development and Workers Bank of Egypt’s real estate assets reached about EGP 50 million. The ownership of the real estate assets was transferred to the bank in return for settling debts of defaulters.

The bank has settled debts worth EGP 511 million during the first ten months of 2012, said Hamdi Azzam, board member of the bank. The bank received EGP 96 million in cash as a result of the debt settlements, lowering the non-performing loans portfolio to EGP 1.6 billion from EGP 1.7 billion, he added.

The cash payments received by the bank have contributed to increasing the bank’s profit to EGP 47.2 million at the end of October after successive losses for the last eight years, Azzam continued.

El-Sayed El-Kosayer, chairman of the bank, had earlier told Amwal Al Ghad that the bank studies to increase its capital, which stood at EGP 500 million, through injecting between EGP 300-500 million from the EGP 1.5 billion loan that the bank received from the Central Bank of Egypt (CBE).