EALB’s Non Performing Loans Hit EGP 6 Bln In 2012

The Egyptian Arab land Bank’s (EALB) non-performing loan portfolio accounted for EGP 6 billion of the total value of the bank’s credit portfolio which reached EGP 12.104 billion at the end of 2012.

The bank succeeded in conducting debt settlement agreements with value ranging from EGP 350 million to EGP 400 million at the end of the first half of 2012, said Abdel Megid Mohy El-Din, deputy chairman of EALB.

The bank is currently in talks with defaulters in the real estate sector to settle bad debts worth EGP 350 million.

EALB disposed of real estate assets worth EGP 160 million through selling them in public auctions, he added, noting that the value of real estate assets portfolio rose to EGP 2.4 billion.

He revealed that EALB, National Bank of Egypt (NBE) and Arab Banking Corporation (ABC) have cooperated to settle EGP 155 million worth of bad debt owed by a defaulting customer. They agreed to settle the debt after acquiring a stake in the shares of the customer’s hospital in Dokki.