NBE boosts retail lending to EGP80 bln in 2019

National Bank of Egypt (NBE), the country’s largest state bank, has posted an increase in its retail lending to 80 billion Egyptian pounds ($5 billion), its vice chairman Yehia Abul Fotouh told Amwal Al Ghad on Thursday.

The bank’s SMEs portfolio has registered 60 billion Egyptian pounds, Abul Fotouh said.

NBE’s funding for foreign trade operations reached 46 billion pounds since the floatation of the Egyptian pound in late 2016.

The bank has also injected 7.8 billion pounds into the Central Bank of Egypt’s mortgage finance initiative, along with 1.5 billion pounds into the tourism support initiative, he added.

National Bank of Egypt is the oldest and largest bank in Egypt. As of 2007, NBE accounted for 23 percent of the Egyptian banking system’s total assets, 25 percent of total deposits and 25 percent of total loans and advances.