The National Bank for Development (NBD) said its net loss widened 4.7 percent in the first half of the year, according to a statement published by the Egyptian stock exchange on Monday. The bank reported a net loss of LE 203.4 million ($35.68 million) in the period from Dec. 31, 2009 to June 30, 2010, up from a loss of LE 194.2 million in the same period last year. The bank did not give a reason for the loss. Total assets rose to LE 10.7 billion from LE 10.1 billion. Loans to customers climbed to LE 506.5 million from LE 242.3 million. 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.
