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Bad loans cut to 5.8 percent of EDBE's portfolio totaling EGP20bn

Monday 10 September 2018 05:55 PM

Mervant Sultan
Mervant Sultan

By Ahmed El-Desouky
Bad loans of Export Development Bank of Egypt declined to 5.8 percent  of loan portfolio totaling EGP20bn down from EGP6.8bn a year earlier.
" Through debt settlement agreements with defaulting clients, EDBE managed to cut bad loans by 1 percent, as the bank is mulling clinching new settlements in order to curtail defaults," chairman Mervat Sultan told Al-Mal newspaper.
As regards 25 beneficiaries of the initiative aiming at shoring up defaulters with debts totaling EGP67mln, EDBE is contacting them in the hope of reaching debt settlements in the next few days, she added.
Because EDBE never practised retail banking until  recently, none of the initiative beneficiaries are individuals, as the bank seeks to ramp up portfolio to more than EGP1bn and to provide mobile banking services within weeks, she continued.
" EDBE eyes expanding into  syndicate loans that constitute 25 percent of its portfolio totaling EGP20bn."
EDBE bought a 6.6k sqm plot of land in the New Administrative Capital to open up a new branch there in the next few years, she elaborated.
The Central Bank of Egypt and several Egypt-based banks will move to NAC's Money and Business Suburb by 2024, according to head of services sector at EDBE Yasser El-Barudy.
The suburb, due to be built over 195 acres, is included within the first-phase projects that are planned to be constructed in NAC.