IDBE’s Investments Reach EGP 600 Mln In March 2012

Industrial Development and Workers Bank of Egypt’s investments reached EGP 600 million in last March as the lender has recently partnered with a group of companies, El-Sayed El-Kaseer, chairman of IDBE said.

Some investments have achieved high profits; however, the Bank intends to exit 25% of the enterprises because they posted weak results. The volume of assets that transferred to the Bank after debt settlement deals reached EGP 80 million and they will be sold after the Egyptian market became more stable.

El-Kaseer noted that Bank’s strategy is based on two main axes; the first is settling 25% of non-performing loans which reached EGP 1.7 billion and the second is financing SMEs and achieving 200% growth rate, which registered EGP 210 million in the last year.

Direct loans portfolio rose by EGP 600 million, as it registered EGP 3.8 billion at the end of last March, up from EGP 3.2 billion in last September.