Tuesday, Nov 08, 2011
BEIRUT (Zawya Dow Jones)--State-owned National Bank of Egypt, or NBE, the country's largest lender by assets, has been able to reduce its portfolio of non-performing loans, or NPLs, over the last three years from 30 billion Egyptian pounds ($5.03 billion) to EGP8 billion, Dubai-based Al Bayan daily reports Tuesday.
The EGP22 billion reduction in the bank's NPL portfolio has been achieved by collecting debt owed by the public and private sectors and removing the remaining loans from the balance sheet for follow-up and settlement, Yehia Abu El Fotouh, head of NBE's NPL department said, according to the paper. He added that the lender's entire portfolio of NPLs is completely covered by provisions.
Newspaper website: http://www.albayan.ae/economy/capital-markets/2011-11-08-1.1533398
-By Beirut Bureau, Zawya Dow Jones; +961-1-985 757; BeirutZDJ@zawya.com
Copyright (c) 2011 Dow Jones & Co.
(END) Dow Jones Newswires
08-11-11 0730GMT
