National Bank of Kuwait (NBK) has posted EGP103 million ($18.34 million) from Al Watany Bank (AWB) of Egypt operations during the first quarter of 2009 compared to EGP99.7  million during the same period of 2008, marking a rise of 3.4 per cent.

AWB Chairman Shaikha Al Bahar said that AWB has once again proved its ability to post record profits and unprecedented growth in the Egyptian market despite the unfavourable and challenging regional and international situation.

Al Bahar added that AWB's return on average assets was 3.14 per cent compared to 3.19 per cent in the previous year, while the return on shareholders equity reached 30.5 per cent, compared to 31.7 per cent.

The bank's total assets stood at EGP13.2 billion compared to EGP12.5 per cent in the first quarter of the previous year, an increase of 5.6 per cent.

AWB's total shareholders equity, including profits of this period, reached EGP1.7 billion compared to EGP1.4 billion, up by 21.4 per cent.

AWB, which is 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, including Cairo, Al Jezza, Alexandria, 6th October, 10th Ramadan 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