United Bank’s Loans Up EGP 500 Mln

United Bank’s loans and credit facilities portfolio soared by EGP 500 million, registering EGP 3.5 billion at the end of May, up from EGP 3 billion at the end of 2011.

United Bank succeeded to reduced its non-performing loans portfolio in three years from EGP 6.1 billion to less than EGP one billion in last March, said Mohamed Ashmawy, chairman of United Bank.

Ashmawy told Amwal Al Ghad that the Bank has an ambitious plan to dispose of its non-performing loans during the current year, adding that the Bank has entirely met the lack of provisions.

Ashmawy stressed on the important role of banks in financing small and medium enterprises (SMEs) as they contribute in increasing national product and boosting Egypt’s economy.