NBE’s NPL Portfolio to Close at EGP5.7 bln by 2014-end

Head of non-performing loans at National Bank of Egypt(NBE), Yehia Abu El Fotouh asserted that the debt portfolio closed at EGP6billion at the end of last April due to the high price of dollar inside the Egyptian pound, expecting that to close at EGP5.7billion by the end of the current year.

US$dollar price is still raising inside the Egyptian pound to close at EGP7.055 for buying and EGP7.0851 for selling within the bank’s transactions today.

Speaking to Amwal Al Ghad Arabic’s Webiste, Abu El Fotouh explained that the bank’s strategy targeted decreasing non performing debt portfolio to become EGP5.5billion but the inching of the bank makes it close at EGP5.7billion.

Most of non performing debt portfolio focuses on industry, real estate and tourism sectors, adding that the negotiations with the Arab Company For Special Steel (ARCOSTEEL) concerning its debt which up EGP1.6billion.