‪National Bank of Egypt plans major cut in bad loans by FY2016/17

The National Bank of Egypt (NBE), the country’s largest public lender, plans to reduce its non-performing loans to become 4 billion Egyptian pounds ($450.5 million) by end of financial year 2016/2017.

Speaking to Amwal Al Ghad on Tuesday, Yehia Aboul Fotouh, Vice Chairman of NBE, further said the bank’s current portfolio of NPLs had totalled 5.2 billion pounds by end of May 2016.

By end of the current financial year, NBE’s NPL portfolio is likely to record 5 billion pounds only, Aboul Fotouh added.