National Bank For Development’s Islamic Finances Hit EGP 3.8 Bln In Q3

The National Bank for Development’s (NBD) Islamic finances (after deducting impairment losses) rose by EGP 724.4 million (24.4%), registering EGP 3.863 billion at the end of Q3 of 2012, compared to EGP 2.959 billion at the end of December 2011.

The bank’s unconsolidated results indicated that the total value of the loans and credit facilities (after deducting impairment losses) registered EGP 1.179 billion at the end of last September, compared to EGP 1.539 billion at the end of last December 2011, registering a retreat of EGP 359.3 million (23.3%).

The deposits held at NBD declined by EGP 458.7 million to reach EGP 11.592 billion at the end of last September, compared to EGP 12.051 billion at the end of 2011.

The bank’s deposits and funds at the Central Bank of Egypt fell by EGP 912.2 million (53.6%), registering EGP 788.3 million at the end of last September, compared to EGP 1.700 billion at the end of 2011.

The bank has reduced its investments in affiliates and subsidiaries to EGP 149.010 million at the end of Q3 of 2012, compared to EGP 149.968 million at the end of 2011.

The gap in the provisions for bad debts fell to EGP 749 million at the end of Q3 of 2012, compared to EGP 950 million at the end of 2011, registering a retreat of EGP 201 million (21.1%).

The bank’s consolidated results showed that the bank posted losses of 256.188 million at the end of Q3 of 2012, compared to EGP 424.484 million at the end of 2011.