NBK sees Egypt unit H1 profit up 8pc
Cairo, August 17, 2010
Kuwait-based NBK Group said it Egyptian subsidiary, Al Watany Bank of Egypt (AWB) has registered EGP 230.6 million ($40.5 million) net profit for the first half, up eight per cent compared to the same period last year.
AWB had posted a net profit of EGP213.8 million during the first half last year. The bank's total assets stood at EGP15.7 billion compared to EGP 14.8 billion in the first half of the previous year.
AWB's total shareholders equity, including profits for this period, maintained the same level of the previous year at EGP1,560 billion.
Commenting on the results, NBK Deputy CEO & AWB chairman Shaikha Al Bahar said that the consistent growth of AWB profits is a clear testament of the success of NBK Group's expansion strategy.
'The growth of our international branches' profits, particularly in Egypt and Qatar, has considerably helped NBK Group in achieving a total of KD145.2 million net profits for the first half, he remarked.
'AWB has once again proved its ability to post record profits and unprecedented growth in the Egyptian market despite the unfavorable and challenging regional and international situation,' he added.
AWB's return on average assets was 2.95 per cent compared to 2.9 per cent in the same period of previous year, while the return on shareholders equity reached 35 per cent, compared to 32 per cent.
AWB chief executive officer Dr Yaser Hasan said that consistent growth in all sectors was a strategic goal for AWB in light of the relative economic recovery on both regional and international levels.
According to Khan, the positive results achieved by AWB were the outcome of focusing on service quality, enhancing risk management systems and implementing a business work model that meets the variable requirements of all customer categories.
AWB , which is a member of NBK Group, was established in 1980 and has 39 branches across Egypt including at Cairo, Al Jezza, Alexandria, Sharam Al Shaikh, Al Ghardaka, Tanta, 6th October, 10th Ramadan, Al Mansoura, Dumyat and Souhaj.
NBK is the highest rated bank in the Middle East and also tops the list of Emerging Markets banks by major international rating agencies – Moody's, Standard & Poor's and Fitch Ratings.-TradeArabia News Service