Egypt’s National Bank for Development (NBD) said its net loss widened 4.7 percent in the first half of the year.
The bank reported a net loss of 203.4 million Egyptian pounds in the period from December 31, 2009 to June 30, 2010, up from a loss of 194.2 million pounds in the same period last year.
The bank is changing its status to become Egypt’s third Islamic bank after Faisal Islamic Bank and the Egyptian Saudi Finance Bank.
NBD began converting to Islamic finance after Abu Dhabi Islamic Bank (ADIB) bought a 49 percent stake in the bank in 2007. ADIB said in February it plans to raise its stake in NBD to over 51 percent when NBD becomes fully Islamic.
