NBE’s NPLs Fell To EGP 6.2 Bln In Q1

The National Bank of Egypt’s (NBE) portfolio of non-performing loans stood at EGP 6.2 billion at the end of Q1 of FY 2012/2013, down from EGP 8 billion at the end of Q4 of FY 2010/2011.

NBE targets to reduce the non-performing loans to EGP 5 billion by the end of FY 2012/2013, sources said.

NBE awaits the bankruptcy verdict against Amr Al Nasharty, owner of Sainsbury’s Group, to settle his EGP 310 million debt through selling some of his assets.