National Bank of Egypt: retail businesses hit $4.2 bln

The retail banking portfolio of Egypt’s biggest public lender National Bank of Egypt (NBE) rose to 37.7 billion Egyptian pounds ($4.2 billion) during the second quarter of 2016, said retail head Alaa Farouk.

By end of December 2015, NBE’s retail portfolio recorded 36.5 billion pounds.

Farouk further told Amwal Al Ghad that the bank’s retail portfolio is expected to surge to around 38 billion by the end of current June.

NBE plans to lower its individual loan activities in the coming period towards giving more support for the small and medium-sized enterprises (SMEs), Farouk added.