NBE to slash Non-performing Debts in Two Years

The National Bank of Egypt, biggest state-run bank, is targeting reducing its portfolio of Non-performing Debts (NPD) to 4.5 billion Egyptian pounds (US$582.7 million) in the upcoming two years, Executive board member Yehia Aboul Fotouh said Saturday.

He said bank’s portfolio has recorded 6.2 billion pounds at the end of June 2015.

The National Bank of Egypt aims its portfolio to reach 5-5.5 billion Egyptian pounds within the current fiscal year 2015-16, Aboul Fotouh noted.

NBE is the oldest commercial bank in Egypt. It was established on June 25, 1898 with a capital of £1 million. Throughout its long history, NBE’s functions and roles have continually developed to square with the different economic and political phases in Egypt.

Moreover, during the 1950s, NBE assumed the central bank’s duties.