Al Watany Bank of Egypt (AWB), a subsidiary of National Bank of Kuwait Group (NBK), has reported net profits of EGP259 million ($37.5 million) in the first nine months of the year, up 13.4 per cent year-on-year (YOY).

AWB profits in the third quarter were up 28 per cent YOY to EGP85.8 million, compared with EGP 67 million in Q3 last year, said a statement.

As of end of September, AWB’s total assets increased by 8.6 per cent to EGP17.7 billion from EGP 16.3 billion at the end of September 2012.

Customers’ deposits grew 20 per cent YOY to EGP15 billion, while the ROA increased to 1.95 per cent compared with 1.87 per cent a year earlier, and ROE increased to 19.45 per cent from 17.67 per cent.

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, AWB has benefited from the flight-to-safety, which is reflected in the growth in customers’ deposits and other balance sheet indicators.”

AWB, a member of NBK Group, was established in 1980 and has a large branch network situated at strategic locations within the various Egyptian governorates and cities, including Cairo. - TradeArabia News Service