IDBE’s Profit Hit EGP 31 Mln In July 2012

The Industrial Development and Workers Bank of Egypt achieved profit of EGP 3 million at the end of July, raising the value of the total profit for the period from January 2012 to July 2012 to EGP 31 million.

The bank succeeded in achieving such profit for the first time after successive losses for eight years, said Hamdi Azzam, member of the board of directors at the bank.

Azzam added that 500 out of 1100 total employees have been recently promoted on the occasion of Eid al Fitr.

The bank’s portfolio of direct loans rose by EGP 700 million, registering 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.

The bank targets the disposal of 45% of its non-performing loans as the bank settled bad debts amounting to EGP 425 million owed by 80 delinquent customers at the end of FY 2011/2012. The bank’s portfolio of bad debts retreated by EGP 105 million, registering EGP 1.645 billion at the end last June, down from EGP 1.750 at the end of last September.