Sunday November 30, 02:40 PM
Egypt's Naeem 9-month net profit drops 47 pct
CAIRO, Nov 30 (Reuters) - Naeem Holding, Egypt's second-largest publicly traded investment bank, posted a 47 percent decline in net profit to $20.2 million in the nine months to end-September, the bourse said on Sunday.
The stock exchange gave no further details. Naeem had posted a net profit of $38.4 million in the same period last year.
Naeem, which operates in Saudi Arabia, Egypt and the United Arab Emirates, said last month it had won approval to open a representative office in Libya.
The bank (NASDAQ: TBHS - news) had said in May it planned to reduce the proportion of its revenue from Egypt to between 35 and 40 percent from 70 percent within two years.
(Writing by Cynthia Johnston) Keywords: NAEEM EGYPT/RESULTS
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