EALB Eyes EGP 1.4 Bln Increase In Deposits Portfolio By End Of FY 2012/13

Egyptian Arab Land Bank (EALB) plans to increase its deposits portfolio by EGP 1.4 billion to resister EGP 18.4 billion by the end of FY 2012/2013, up from EGP 17 billion at the end of last May including the deposits at the Bank’s foreign branches in Palestine and Jordan.

Abdel Meguid Mohy El Din, deputy chairman of EALB, told Amwal Al Ghad that the Bank plans to inject EGP 1 billion in the corporate portfolio during the next fiscal year, expecting loans portfolio to stand at the same value, EGP 15.3 billion, because of the settlement agreements signed with customers.

EALB has set a plan to dispose of its non-performing loans that goes back to the 1990s, Mohy El Din added, noting that the Bank has made debt settlement agreements with value of EGP 900 million till the end of the current FY 2011/2012.