Industrial Development Bank Cuts EGP 1.661 Bln of NPL Portfolio

The industrial Development and workers bank of Egypt  (IDBE)  has cut EGP 1.661 billion from the non-performing portfolio loan compared to EGP 1.7 billion in December 2012.

 Hamdi Azzam, member of the bank’s board of directors, has emphasized to Amwal Al Ghad that his bank has made adjustments worth EGP 550 million by the end of June 2013.

 The bank’s  loan portfolio surged to EGP 4 billion at the end of June 2013, compared to EGP 2.9 million at the end of 2011, pointing out that the number of funds pumped by the bank recently, including EGP 100 million in Hyde Park’s loan.

 The bank reviews  to pump Al Nouran Sugar loan with EGP 100 million, Azzam added

Is worth mentioning that the bank achieved EGP 70 million profits by the end of June 2013 compared to EGP 71 million in 2012.