IDBE In Talks With 8 Customers To Settle EGP 75 Mln Bad Debts

The Industrial Development and Workers Bank of Egypt currently conducts negotiations with eight defaulting customers in the industrial sector to settle their bad debts amounting to EGP 75 million.

The bank has finalized debt settlement agreements worth EGP 520 million with 100 faltering customers in 2012, said Hamdi Azzam, member of the board of directors of the bank.

The bank reduced its non-performing loan portfolio from EGP 1.750 billion to EGP 1.640 billion in the last year, he added.

Azzam revealed that the bank managed to receive EGP 104 million in cash under debt settlement agreements which accounted for 30% of the bank’s non-performing loan portfolio.

It is worth mentioning that the Industrial Development and Workers Bank of Egypt achieved operating profit before taxes of EGP 71 million at the end of 2012, after successive losses of more than nine years.