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The Industrial Development & Workers Bank of Egypt (IDWBE) has recently settled around 30% of its non-performing loan (NPL) portfolio.
By the end of last May, the bank’s NPL portfolio stood at EGP 1.650 billion.
From his part, Hamdi Azzam – Executive Board Member at IDWBE- revealed to Amwal Al Ghad that his bank completed the settlement for debts worth EGP 600 million. IDWBE’s board managed to narrow the allocation gap to 88%, he noted.
Furthermore, Azzam said IDWBE aims to fill its allocation gap by the beginning of 2015 through pumping the bank’s 2014 earnings, which are expected to exceed EGP 180 million.
