Industrial Development Bank Receives EGP 100 Mln Cash On Settling Debts

The Industrial Development and Workers Bank of Egypt received EGP 100 million cash after settling debts worth EGP 425 million owed by 80 defaulting customers at the end of last August.

The bank reduced its non-performing loan portfolio 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, said Hamdi Azzam, member of board of directors at the bank. The bank succeeded in its plan concerning disposing of 25% of its non-performing loans during the first half of 2012.

Azzam added that the bank is still in negotiations with Ramy Siag in order to reach a settlement agreement concerning his debts which exceeded EGP 300 million. The bank awaits the court’s verdict concerning the case.

IDBE succeeded in achieving profit of EGP 31 million at the end of last July for the first time since 2004 after eight successive years of losses.