NBE In Talks With Three Customers Over Settling EGP 1 Bln Debts

The National Bank of Egypt (NBE) negotiates with three customers working in tourism sector over settling debts of more than EGP one billion.

NBE is in talks with three customers who own tourism projects in Hurghada, said Yehia Aboul Fettouh, head of non-performing loans department at NBE.

The bank signed a number of settlement agreements in FY 2011/2012, reducing the non-performing loans portfolio to EGP 6.2 billion at the end of June 2012, down from EGP 8 billion in FY 2010/2011. The bank was targeting lowering non-performing loans portfolio to EGP 7 billion in FY 2011/12, meaning that the bank exceeded its target by EGP 800 million.

The bank is also negotiating with a customer, who owns a company for steel, to settle his debt totaling EGP 1.2 billion, the largest debt due to the bank.