Al Watany Bank of Egypt (AWB), the subsidiary of National Bank of Kuwait Group (NBK), has posted net profits of EGP173.2 million ($24.7 million) in the first half of 2013, reflecting a 7.3 per cent increase year-on-year.

As of end of June, AWB’s total assets increased to EGP18 billion from EGP17.4 billion at the end of June 2012. Customers’ deposits grew 19 per cent y-o-y to EGP 15.1 billion. ROA increased to 1.93 per cent compared with 1.86 per cent a year earlier, and ROE increased to 21.55 per cent from 20.09 per cent.

Isam Al Sager, NBK Group deputy CEO and AWB chairman said: “AWB’s strong results, despite the difficult operating environment in Egypt and the region, reflect NBK Group’s conservative approach and affirm the success of its regional expansion.”

“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,” added Al Sager.

“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.”

Yasser Hassan, AWB’s managing director, said: “The bank has been able to maintain its strong performance despite the tough operating environment. As a subsidiary of NBK Group, one of the safest banks in the world, AWB has benefited from the flight-to-safety, which is reflected in the growth in customers’ deposits and other balance sheet indicators.” – TradeArabia News Service