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.