NBK Egypt unit Q1 profit up 15.3pc
Cairo, May 19, 2013
Al Watany Bank of Egypt (AWB), a subsidiary of National Bank of Kuwait Group (NBK) in Egypt, has reported a net profits of EGP86.6 million in the first quarter, up 15.3 per cent compared to EGP75.1 million last year.
NBK Group deputy CEO and AWB chairman Isam Al Sager said the strong results reflect the success of NBK’s regional expansion despite the difficult operating environment in Egypt and the region.
As of end of March 2013, ROA increased to 1.98 per cent compared with 1.82 per cent at the end of March 2012, and ROE increased to 22.08 per cent from 17.90 per cent a year earlier.
A member of NBK Group, the Egyptian lender was established in 1980 and has a large branch network situated at strategic locations within the various Egyptian governorates and cities, including Cairo.
“AWB has once again proved its ability to post strong profits despite the unfavorable and challenging situation in Egypt, which reflects the bank’s strength and solid financial position,” remarked Al Sager.
“It 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,” he added.-TradeArabia News Service