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Housing & Development Bank 9-mth profit down 13.3%

The figure was unaudited and no other details were given, the stock exchange said on Thursday.

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December 17, 2010 9:07 by



Egyptian lender Housing and Development Bank (HDB) , preparing for a possible merger, posted a 13.3 percent fall in nine-month net profit to 170 million Egyptian pounds ($29 million).

The figure was unaudited and no other details were given, the stock exchange said on Thursday.

In October, the bank said it was being restructured with an eye toward a possible merger with state-owned Egyptian Arab Land Bank within two years, a move that would create Egypt’s sixth or seventh biggest bank.

Last year, it bought 39 percent of Dubai-based Damac Holding’s Egyptian unit whose main project is the 1,500 hectare Hyde Park housing development east of Cairo.

(Reporting by Patrick Werr; Editing by Dan Lalor)



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