IDBE Settles EGP 425 Mln Bad Debts For 80 Customers

Industrial Development and Workers Bank of Egypt has settled EGP 425 million worth of debts for 80 ailing customers by the end of FY 2011/2012.

The bank has received EGP 100 million in cash, said Hamdi Azzam, board member of the bank told Amwal Al Ghad. The non-performing loans portfolio at the bank is valued at EGP 1.5 billion.

Azzam said the bank succeeded in achieving his plan regarding settling 25% of bad debts in FY 2011/2012.

The bank succeeded in posting profit of about EGP 25 million to EGP 30 million after consecutive losses since 2004.