Housing & Development Bank 9-mth profit down 13.3%

Reuters, Thursday 16 Dec 2010

Egyptian lender Housing and Development Bankposted a 13.3 percent fall in nine-month net profit to 170 million Egyptian pounds ($29 million).

bank_el_eskan

Egyptian lender Housing and Development Bank, preparing for a possible merger, posted a 13.3 percent fall in nine-month net profit to 170 million Egyptian pounds ($29 million).

The figure was unaudited and no other details were given, the stock exchange said on Thursday.

In October, the bank said it was being restructured with an eye toward a possible merger with state-owned Egyptian Arab Land Bank within two years, a move that would create Egypt's sixth or seventh biggest bank.

Last year, it bought 39 percent of Dubai-based Damac Holding's Egyptian unit whose main project is the 1,500 hectare Hyde Park housing development east of Cairo.

Short link: