Banque Misr Plans Reducing NPLs To EGP 10.5 Bln By June’s End
Banque Misr targets reducing its non-performing loans portfolio to EGP 10.5 billion by the end of FY 2011/2012 to be ended on June 30th, down from EGP 12.2 billion at the end of FY 2010/2011.
The current volume of non-performing loans portfolio is close to the target, said Mohamed Abbas Farid, deputy chairman. The bank plans to sign settlement agreements worth EGP 1.7 billion, while it received cash and assets worth EGP 1.6 billion in the settlement agreements for the period from the first of July 2010 till the end of June 2011.
Banque Misr settled some debts of its portfolio and of Banque Du Caire’s portfolio, which it bought, worth EGP 53.2 billion. The bank received EGP 27.7 billion with a repayment rate of 87% for the period from January 2003 till June 2011, Farid added.
The bank arranged and managed 23 syndicated loans worth EGP 43 billion of which the bank contributed with 12 billion, offered 7 billion and marketed the rest value.
Banque Misr achieved net profit of EGP 515.2 million in the last fiscal year, up from EGP 509.6 million in Fy 2009/2010.
