CAIRO: Egypt’s National Bank for Development (NBD) posted a net loss of LE 171.5 million ($28.87 million) for the first quarter of 2011, the stock exchange said on Tuesday.
The bank reported a net loss of LE 61.4 million in the same period last year. An economic crisis sparked by the ouster of President Hosni Mubarak in February has hit earnings of Egypt’s banks.
NBD is changing its status to become Egypt’s third Islamic bank after Faisal Islamic Bank and the Egyptian Saudi Finance Bank.
