NBE seeks net profits of EGP10 bln: Vice Chairman

State-run National Bank of Egypt (NBE), one of the country’s biggest lenders, seeks to achieve net profits of 10 billion Egyptian pounds by the end of  the current financial year 2018/2019,  the bank’s vice chairman Yehia Abul Fotouh said.

the Vice Chairman told Amwal Al Ghad that the bank’s net profit to 9.5 billion by the end of June 2018 as a result of the banks expansion on launching (NBE)’s high-yielding certificates.

He added that his bank is nearing to reach a settlement with a tourist client in exchange for a debt of 250 million Egyptian pounds.

NBE’s total irregular debts portfolio has recorded 7.8 billion Egyptian pounds by the end of June 2018, with a plan to reduce it down to an amount between 5 billion pounds and 6 billion pounds during the next financial year.