EALB Settles EGP 700 Mln Debts, Reduces Assets To EGP 2.4 Bln

Egyptian Arab Land Bank (EALB) has settled EGP 700 million debts of some of the bank’s faltering customers at the period from last September to last March.

Mohamed El-Atreby, chairman of EALB, told Amwal Al Ghad that the Bank’s assets portfolio decreased to EGP 2.4 billion, compared with EGP 2.6 billion in 2011, after settling non-performing loans. El-Atreby added that EALB will be holding a public auction on April 14th to sell lands and real estate in Downtown.

The Bank’s loans portfolio declined by EGP 1.4 billion, registering 12.6 billion at the end of March, compared with EGP 14 billion at the end of the last year. Customers’ deposits at EALB ranged between EGP 15-16 billion at the end of March. El-Atreby added that customers’ deposits rose by EGP one billion despite the political turmoil and economic recession Egypt witnessed last year.

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