Egypt's NBD reports net loss increase

17 August 2010

Egypt's stock exchange has said the net loss of the country's National Bank for Development has widened 4.7% in the first half of the year, Reuters has reported. Net loss for the period stood at EGP203.4m ($35m), up from a loss of EGP194.2m in the same period last year. NBD is to become Egypt's third Islamic bank after Abu Dhabi Islamic Bank bought a 49% stake in the bank in 2007. ADIB said in February it plans to raise its stake in NBD to over 51% when NBD becomes fully Islamic.

A MEED Subscription...

Subscribe or upgrade your current package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.

Get Notifications