NBE Targets Settling EGP 600 Mln Bad Debts In FY 2012/13

The National Bank of Egypt (NBE) targets to settle bad debts of EGP 600 million in FY 2012/2013 in order reduce its non-performing loans to EGP 5.4 billion, down from EGP 6 billion at the end of FY 2011/2012, sources told Amwal Al Ghad.

The bank targets settling such low value of debts because of the difficulty of settling such debts which go back to 1990s, but the bank has set provisions for which at 100%.

The bank has settled about EGP 24 billion worth of bad debts out of EGP 30 billion for the period from 2008 to June 2012.

In addition, NBE has written off EGP 12 billion worth of bad debts for the period from 2008 to June 2012.