Egypt's NDB reduces loss to $83m
Cairo, April 16, 2010
Egypt's National Bank for Development (NBD) said on Thursday its net loss for 2009 fell to 458.1 million Egyptian pounds ($83.06 million) from 738.9 million in 2008.
Loans to customers dropped to 2.22 billion pounds as of Dec 31 from 3.24 billion pounds a year earlier, while customer deposits rose to 9.4 billion pounds from 8.29 billion pounds, it said in an advertisement published in Al-Ahram newspaper.
Total assets rose to 10.01 billion from 9.03 billion.
NBD, which is converting to a fully Islamic bank, said last month it will launch its 250 million Egyptian pounds ($45.45 million) rights issue in April.
A UAE-based consortium led by Abu Dhabi Islamic Bank (ADIB) agreed on the capital increase, to 2 billion pounds, when it bought a 60.8 percent stake in NDB in 2007.
ADIB said in February it plans to raise its stake in NBD to over 51 percent from its current 49 percent when NBD becomes fully Islamic. It will be Egypt's third Islamic bank after Faisal Islamic Bank and the Egyptian Saudi Finance Bank. - Reuters
More Finance & Capital Market Stories
- Compliance officers facing diverse pressures, says study
- Abu Dhabi finance dept inks deal with Ajman
- Kuwait registers 8pc credit growth
- Bahrain Sico funds net solid returns
- Emaar proposes 15pc cash dividends
- ABG units win top Islamic finance award
- Finance House approves 25pc cash dividends
- Qatar 'most expensive country in Gulf'
- Egypt regulator sets rules for index
- Dubai Islamic eyes Kenya, Indonesia for expansion
- ADCB to buy back 3pc of its shares
- GCC insurance growth outpaces developed markets
- Bahrain 'faces budget deficit, inflation challenges'
- Global Payment Services wins key certification
- BBK unveils big India expansion plans
- Kuwait GDP growth to hit 3.5pc in 2014
- Gulf shares tumble over EM exposure cut
- GCC bonds to gain from macro-economic climate
- French Business Council Dubai members up 18pc
- Egypt economy growth seen less strong than thought
- Sharjah approves $4.2bn budget for 2014
- Saudi non-oil sector posts solid growth in Feb
- Seera total income rises to $34m
- NBAD approves 40pc cash dividends
- NBAD sees 8-10pc loan growth
- Al Basel Group launches investment arm
- Union Insurance posts $18m profit
- Oman warns banks on conflicts of interest
- Japan to lend Tunisia $480m
- 400 to join anti-laundering seminar in Riyadh