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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




Tags: Egypt | NBD | Bank |

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