Profits fell to LE349.9 million ($57.9m) in the first quarter, a 3.8 per cent fall on the same period the year before.

 

NSGB is Egypt's second-biggest private bank by market capitalisation.

 

"The weaker bottom line reflected higher than expected provisions, lower than forecast non-interest income, and increased taxes," analysts Ankur Khetawat and Kareem Ghaly told Reuters.

 

NSGB is 77 per cent owned by France's second-biggest listed bank Societe Generale.