IDBE’s NPLs Down To EGP 1.6 Bln At End Of H1

The Industrial Development and Workers Bank of Egypt (IDBE) succeeded in reducing its non-performing loans by EGP 105 million, registering EGP 1.645 billion at the end of the first half of 2012, down from EGP 1.750 billion at the end of September 2011.

The bank’s strategy targets to decrease more than 25% of the non-performing loans in the current year, said Hamdi Azzam board member at IDBE.

The bank finalized debt settlement deals with 80 delinquent customers of debts worth EGP 425 million at the end of FY 2011/2012 and has received EGP 110 million in cash, he added.

The bank is still in negotiations with Ramy Siag over settling his debt that exceeds EGP 300 million and awaits the court’s verdict over the matter, he noted.

IDBE succeeded in posting profit of EGP 25 million to EGP 30 million for the first time since 2004 after eight years of successive losses.