NBE Settles EGP 600 Mln Debts

Tourism and real estate sectors acquires 35% of the National Bank of Egypt (NBE)’s total irregular debts portfolio which stands at EGP 7.4 billion.

Yahia Abul Fotouh, head of the debt settlement sector at the NBE, said that the bank has managed to settle debts of EGP 600 million till the end of March. Hence, the NBE’s total irregular debts portfolio reached EGP 7.4 billion, compared to EGP 8 billion of the end of the previous fiscal year.

Abul Fotouh added that the NBE acquired 79% of one of the hospitals in Mokattam in return for the settlement of the the company’s debts which worth EGP 20 million.

He also noted that the bank is also considering the acquisition of three further hospitals, two of them in Dokki and other in Alexandria in return for settling their debts. He said that the NBE is taking great care of the medical sector.

Worth mentioning that the NBE’s financial statements for the fiscal year 2010/2011 have shown that the bank posted net profits of EGP 2.1 billin which is the highest in the its history.