NBE’s NPLs Up To EGP 6.5 Bln As Dollar Hikes

The National Bank of Egypt’s (NBE) non-performing loan portfolio registered EGP 6.5 billion at the end of last March, compared to EGP 6.2 billion at the end of 2012.

Sources attributed such increase to the increase in the dollar’s value to reach EGP 6.85 in the official market as some debts are in foreign currency.

The bank awaits a bankruptcy verdict against the businessman Amr Al Nasharty, the owner of Sainsbury’s Group, to be able to sell some of his assets and settle his EGP 310 million debt.

NBE, Egyptian Arab Land Bank (EALB) and the Arab Banking Corporation (ABC) are close to settling a bad debt of EGP 115 million owed by a customer in the medical sector. The banks will probably acquire capital shares in the customer’s hospital in Dokki.