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The Industrial Development and Workers Bank of Egypt finalized debt settlement agreements worth EGP 520 million with 100 faltering customers in 2012.
The bank reduced non-performing loan portfolio to EGP 1.640 billion, down from EGP 1.750 billion last year, said Hamdi Azzam, member of board at the bank.
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 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 about nine years.
