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.

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