National Bank of Egypt eyes more loans, deposits, profitability by June 2020

National Bank of Egypt, the country’s largest bank by assets, says it targets 15-20 percent growth in loans, deposits, and profitability for the 2019/2020 financial year.

The state-run bank aims to reach 100 billion Egyptian pounds ($6.02 billion) in retail lending at the end of June 2020, Deputy Chairman Yehia Aboul Fotouh told Amwal Al Ghad on Thursday.

The move will be backed by injecting 28 billion pounds in retail loans for the current financial year, which started in July, Aboul Fotouh added.

“Our retail lending portfolio rose to 72 billion pounds at the end of June 2019 from 45 billion pounds at the end of June 2018,” NBE official said.