EDBE’s Real Estate Assets Portfolio Hits EGP 1 Bln

The Export Development Bank of Egypt’s (EDBE) real estate assets portfolio, that was acquired by the bank after settling bad debts with delinquent customers, registered about EGP one billion at the end of FY 2011/2012 with a year-over-year increase of 20%.

Maged Fahmy, chairman of EDBE, told Amwal Al Ghad that the bank targets to dispose of a large number of real estate assets after the recovery of real estate market in Egypt in order to make a good profit.

The value of non-performing loan portfolio posted a year-over-year decline of 15% as it registered EGP 820 million out of EGP 5.8 billion, the total value of the bank’s loan portfolio at the end of last June.

The bank set provisions against 90% of the bank’s bad debts and set a plan to dispose of its non-performing loans by the next year, Fahmy added.