NBE: assets surge to 1.1 trillion Egyptian pounds after currency float move

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Egypt’s biggest lender, the state-owned National Bank of Egypt says assets have surged to around 1.1 trillion Egyptian pounds ($58.5 billion) following Nov.3 flotation of the local currency, an official in the bank announced Wednesday.

NBE’s Deputy Chairman, Yehia Aboul Fotouh further said that NBE’s portfolio of bad loans also rose to 9 billion pounds from 6 billion pounds as the bank had reassessed part of them valued in dollar amid the flotation in November.

“The bank has settled 355 million pounds of debts in six months and is studying new debts worth 300 million pound with a firm working in iron industry.” Aboul Fotouh added.