Friday 25 May 2018

AWB reports 34.8pc rise in profits

Cairo, March 6, 2013

Al Watany Bank of Egypt (AWB), a subsidiary of National Bank of Kuwait Group in Egypt, has reported net profits of EP304.1 million ($44.9 million) for 2012 compared with EP225.6 million in 2011, an increase of 34.8 per cent year-on-year.

As of end of December 2012, AWB’s total assets reached EP18.0 billion, up 9 per cent year-on-year, a statement from the bank said. Shareholders’ equity increased by 12.6 per cent to EP1.82 billion. Return on assets increased to 1.69 per cent compared with 1.37 per cent at the end of December 2011, and return on equity increased to 20 per cent in 2012 from 16.18 per cent a year earlier.

Isam Al Sager, NBK group deputy CEO and AWB chairman, said: “AWB’s strong performance is a clear evidence of the success of our regional expansion despite the difficult operating environment in the region.”

“AWB has once again proved its ability to post strong profits despite the unfavourable and challenging situation in Egypt. AWB’s resilient performance in 2012 reflects the bank’s strength and solid financial position.”

“AWB has been one of the fastest growing banks in Egypt over the past few years and is moving forward with its strategy to strengthen its position in the Egyptian market,” Al Sager said.

AWB, a member of NBK Group, was established in 1980 and has a branch network comprising 42 branches situated at strategic locations within the various Egyptian governorates and cities, including Cairo.

NBK has the widest banking presence in Kuwait with 64 branches, which together with its growing international presence totals 173 branches worldwide. NBK’s international presence spans many of the world’s leading financial centers including London, Paris, Geneva, New York and Singapore, as well as China (Shanghai). Meanwhile, regional coverage extends to Lebanon, Jordan, Iraq, Egypt, Bahrain, Qatar, Saudi Arabia, UAE, and Turkey.

NBK continues to collectively enjoy the highest ratings among all banks in the Middle East from the three international rating agencies; Moody’s, Fitch Ratings and Standard and Poor’s. The bank’s ratings are supported by its high capitalisation, prudent lending policies, and disciplined approach to risk management, in addition to its highly recognised and stable management team. – TradeArabia News Service

Tags: Egypt | Cairo |

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