United Bank Settles EGP 5 Bln Loans In Last Three Years

United Bank reduced non-performing loans portfolio from EGP 6.1 billion to less than EGP one billion in the last three years till the end of last March, said Mohamed Ashmawy, chairman of the Bank.

Ashmway added in an interview with Amwal Al Ghad that the bank has set an ambitious plan to end non-performing loans cases this year as well as finance the provisions gap.

United Bank’s loans portfolio rose to EGP 4 billion at the end of March, compared with EGP 3 billion at the end of 2011, Ashmawy informed.

The chairman of United Bank stressed that the banks shall focus on financing small and medium enterprises and industries in the upcoming period as these enterprises highly contribute in boosting growth rates and Egypt’s economy.

United Bank will launch Islamic sharia-compliant “Prosperity Fund” for daily transactions on April 17th with a capital of EGP 100 million.