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Egypt's National Development Bank posts net losses for 2011

Ahram Online, Monday 5 Mar 2012

An associate of Abu Dhabi Islamic Bank, Egypt's National Development Bank posts net losses of LE590 million for 2011 - 28 pct higher than 2010 losses

Egypt’s National Development Bank (NDB), which is associated with the Abu Dhabi Islamic Bank, reported a net loss of LE590.6 million (approximately $98 million) in 2011 – 28 per cent higher than the bank’s net losses the year before, according to the Egyptian Stock Exchange’s official website.

Nevertheless, NDB's share price on the local stock market remained unchanged on Monday at LE4.23.

NDB was founded in 1980. In 2007, it became part of the Abu Dhabi Islamic Banking Group, established in 1997 in hopes of becoming a leading Islamic banking institution.

NDB now offers a broad range of Sharia-compliant banking products, both for corporations and individuals.

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