Industrial Development Bank Signed Debt Settlement Agreements Worth EGP 100 Mln

The Industrial Development and Workers Bank of Egypt signed debt settlement agreements worth EGP 100 million with delinquent customers in the last three months, sources said.

The total value of debt settlement agreements signed by the bank is EGP 500 million in which the lender settled debts of 100 defaulting customers.

The bank’s portfolio of non-performing loans fell from EGP 1.750 billion to EGP 1.640 billion as the bank received EGP 110 million in cash after the debt settlement agreements.

The bank is also in talks with 15 defaulting customers in the industrial sector to settle bad debts worth about EGP 100 million, sources added.

The bank’s operational profit rose to EGP 43 million at the end of last September, compared to EGP 28 million in last June.