NBE Received EGP 262 Mln Non-Recoverable Loans In FY 2011/12

The National Bank of Egypt (NBE) succeeded in collecting about EGP one billion of the non-performing loans, of which  EGP 262 million were considered non-recoverable loans and were transferred to the off balance sheet, during the FY 2011/2012 ended in June 2012, said Yehia Aboul Fettouh, head of non-performing loans department at NBE.

NBE has helped many defaulting customers as it provided them with credit facilities of EGP 52 million at the end of last June, Aboul Fettouh added, noting that the bank settled bad debts of EGP 1.8 billion, reducing the value of non-performing loans to EGP 6.2 billion at the end of June 2012, down from EGP 8 billion at the end of June 2011.

Besides, the bank awaits the bankruptcy judge’s ruling against the businessman Amr Al Nasharty, the owner of Sainsbury’s Group, to approve the settlement agreement which both parties agreed on concerning settling Al Nasharty’s debt amounting to EGP 310 million, Aboul Fettouh added.

NBE’s non-performing loan portfolio was down by EGP 17 billion within four years, as it registered EGP 6 billion at the end of June 2012, down from EGP 23 billion at the end of June 2008.