Industrial Development Bank Bails Out Four Customers With EGP 25 Mln

The Industrial Development and Workers Bank of Egypt injected credit facilities worth EGP 25 million, to bail out four faltering customers in the industrial sector.

Hamdi Azzam, member of the bank’s board, stated that the bank finalized debt settlement agreements worth EGP 520 million with 100 faltering customers in 2012. The bank reduced its non-performing loan portfolio to EGP 1.640 billion, down from EGP 1.750 billion last year, he added.

Azzam revealed that the bank succeeded in receiving EGP 104 million in cash of the total value of debt settlements which accounts for 30% of NPLs, adding that the bad debts have been accumulated from tens of years.

Lowering NPLs has highly helped the bank to achieve operating profit of EGP 70 million before tax deduction at the end of 2012 after successive losses for nine years.