IDBE Settled EGP 500 Mln Debts In 9 Months

The Industrial Development and Workers Bank of Egypt agreed to settle debts of 100 defaulting customers who owe the bank EGP 500 million at the end of last September.

The bank received EGP 110 million in cash, lowering the non-performing loan portfolio from EGP 1.750 billion to EGP 1.640 billion.

In addition, the bank is in talks with 15 defaulting customers to settle debts worth about EGP 100 million.

The bank’s operational profit surged to EGP 43 million at the end of last September, from EGP 28 million in June 2012.