EDBE’s NPLs Hit EGP 820 Mln In H1

The Export Development Bank of Egypt’s (EDBE) portfolio of non-performing loans stood at EGP 820 million, out of EGP 5.8 billion, total value of the bank’s credit portfolio, registering a year-over-year retreat of 15%.

Maged Fahmy, chairman of EDBE, told Amwal Al Ghad that the bank has set aside provisions for 90% of the bad loans, in addition to setting a plan to dispose of its non-performing loans by next year.

EDBE targets to raise the value of its portfolio of loans and credit facilities by EGP 600 million, to register EGP 6.4 billion by the end of FY 2012/2013, Fahmy added. EDBE plans to achieve net profit of EGP 170 million in this fiscal year.