National Bank of Egypt retail lending hits EGP 190 billion end-June

The National Bank of Egypt (NBE), the country’s biggest state-run lender, said on Monday that its retail lending portfolio had grown to 190 billion Egyptian pounds ($10.1 billion) at the end of June from 176 billion pounds in March.

The growth in retail lending operations was buoyed by NBE’s expansion in offering personal loans, mortgages, and credit cards, said its deputy chairman Yehia Aboul Fotouh.

“We are planning to launch 50 new branches (in the country) as part of the bank’s geographic expansion strategy.” Aboul Fotouh told Amwal Al Ghad.

On June 28, the NBE has opened its first branch in Juba, South Sudan under the name of National Bank of Egypt Juba after receiving approvals from the Egyptian and South Sudanese central banks.