National Bank of Kuwait (NBK) reported today (March 30) a net profit of EGP312.8 million ($55.4 million) from its Al Watany Bank of Egypt (AWB) operations in 2008 compared to EGP203.3 million in 2007, an increase of 54 per cent.

Return on AWB average assets rose to 2.37 per cent in 2008 from 1.63 per cent in 2007 while return on shareholders equity increased to 20 per cent from 15 per cent.

NBK Group CEO, Ibrahim S Dabdoub expressed his satisfaction at the remarkable financial results and the progressive growth achieved by AWB, pointing out that these results indicate that AWB is well positioned to capitalise on the promising opportunities available in Egypt.

He said that he expects that AWB will maintain the momentum of its ongoing growth and remarkable financial results.

"For the second consecutive year, AWB has proved its ability to make unprecedented growth and  post record net profits of EGP 312.8 million, with an increase of 54 per cent against the previous year despite the adverse and unfavorable regional and international situation," Dabdoub added.

AWB,a member of NBK Group, was established in 1980 and has a branch network comprised of 30 branches situated at strategic locations within the various  Egyptian governorates and cities. – TradeArabia News Service