NBE Makes Settlements with 400 in Default Clients in SMEs with EGP18 mln

The National Bank of Egypt (NBE) has finalized conducting settlements with 400 in default clients  in Small and Medium sized projects SMEs worth EGP18 million within the first 6 months of this year.

An official source in the non-performing loans department of NBE said his bank is planning to open many contacts with the clients of projects in the light of slowing settlements of the major clients.

The total financing of the  projects reached around EGP2.1 billion during the first five years of 2014.

The total non-performing debts portfolio of NBE up about EGP6 billion at the end of 2013 against EGP6.2 billion at the end of the previous year.

NBE announced its business results of the fiscal year of 2012/2013 as it registered 17.4% net profits before taxes, attaining EGP7.1 billion, and it hit the highest net profit over the bank’s history EGP3.04 billion in June 2013, move up by 8.1% in compared to the previous year.