IDWBE Receives EGP 8 Mln In Cash From Defaulters In Q1

The Industrial Development and Workers Bank of Egypt has received EGP 8 million in cash from faltering customers in the first quarter of 2013.

A source said the total value of debt settlements conducted by the bank during the last year and half reached EGP 550 million; mainly of which is with customers in the industrial sector.

The bank reduced its non-performing loan portfolio to EGP 1.6 billion, down from EGP 1.750 billion in 2011, sources stated.

The bank achieved profit of EGP 32.5 million at the end of last March, and plans to achieve net profit of EGP 120 million in 2013.