Egyptian investment bank Naeem Holding posted a first quarter net loss of $2.23 million, the stock exchange said on Sunday, after posting profit of $9.49 million in the same period last year.

The bank did not provide a reason for the loss in the statement published by the stock exchange. Its shares traded 4.4 per cent lower at $0.65 by 0956 GMT.

Naeem has brokerage, asset management, private equity and corporate finance operations in Egypt and the United Arab Emirates.-Reuters