IDBE’s Direct Loan Portfolio Registered EGP 2.9 Bln In H1 2012

The Industrial Development and Workers Bank of Egypt (IDBE) said the value of its direct loans registered EGP 2.9 billion at the end of the first half of 2012, up from EGP 2.2 billion at the end of last September, with an increase of EGP 700 million.

Such increase came as the bank raised its finances to SMEs to EGP 290 million at the end of the first half of 2012, in addition to increasing corporate loans through offering EGP 250 million to the East Delta Company, said Hamdi Azzam, board member at IDBE.

IDBE targets to inject EGP 600 million to loan portfolio to reach EGP 3.5 billion at the end of 2012.

The bank had signed agreements with 80 delinquent customers over settling EGP 425 million at the end of FY 2011/2012 and the bank received EGP 110 million in cash.

The bank’s portfolio of non-performing loans retreated 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 last September. The bank targets to dispose of more than 25% of its non-performing loans in the current year.