Egypt’s NBE posts net profit of 6 bln pounds in H1 of FY2017/18

Egypt’s biggest lender, the state-owned National Bank of Egypt (NBE) recorded net profits of 6 billion Egyptian pounds ($338.6 million) during the first 6 months of the financial year 2017/2018, vice chairman Yehia Aboul Fotouh.

Aboul Fotouh said that the bank has collected loans from faltering clients amounting to 300 million pounds during the first six months financial year 2017/2018, referring that the total value of non performing loans registered 8 billion pounds by the end of 2017.

He added that the portfolio of loans and credit facilities has registered 400 billion Egyptian pounds, of which 85 billion pounds are syndicated loans.

The small and medium-sized enterprises portfolio recorded 40 billion pounds, while the total value of personal loans recorded 42 billion pound, targeting a growth rate of 15 percent within 2018.

The bank aims to launch a company especially for factoring activity during 2018, the vice chairman said.