NBK Egypt unit posts 9 months net of $59m
Kuwait, November 22, 2010
NBK Group subsidiary Al Watany Bank of Egypt, reported net income of EGP 341.9 million ($59.4 million) for the first 9 months of 2010, an increase of 4 per cent compared to EGP 329.3 million for the same period last year.
'The growth of our international branches' profits, particularly in Egypt and Qatar, has considerably helped NBK Group in achieving a total of KD 224.5 million net profits for the first 9 months of 2010. 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,' stated NBK deputy chief executive and AWB chairman Shaikha Al Bahar.
AWB's return on average assets reached 2.99 per cent in the first 9 months of 2010, while the return on shareholders’ equity increased to 33.9 per cent, from 32.9 per cent during the same period of the previous year.
AWB total assets stood at EGP 15.3 billion compared to EGP 14.8 billion as of the end of 2009. Shareholders equity, including profits for this period, reached EGP 1.7 billion.
'The positive results achieved by AWB are 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,' added AWB chief Dr Yaser Hasan.
AWB was established in 1980 and has 40 branches in Egypt.-TradeArabia News Service