Industrial Development Bank To Settle Bad Debts Worth EGP 500 Mln In 2013
The Industrial Development and Workers Bank of Egypt targets to sign debt settlement agreements worth EGP 500 million with a number of customers in 2013.
Settling bad debts comes at the top of the bank’s priorities in 2013 as it plans to receive EGP 11 million in cash under debt settlement agreements, said Hamdi Azzam, member of the board of directors of the bank.
He revealed that the bank is in talks with eight faltering customers in the industrial sector to settle their EGP 75 million debts.
The bank reduced its non-performing loan portfolio from EGP 1.750 billion to EGP 1.640 billion in the last year, he added. The bank offered EGP 25 million worth of credit facilities to four defaulting customers in the industrial sector to bail them out.
It is worth mentioning that the Industrial Development and Workers Bank of Egypt achieved operating profit before taxes of EGP 71 million at the end of 2012, after successive losses of more than nine years.
