NBK reports EGP 230.6 Million Net Profits from AWB Activities for the 1st half of 2010

NBK

NBK Group posted EGP 230.6 million from Al Watany Bank of Egypt AWB 's operations during the first half of 2010 compared to EGP 213.8 million during the same period of previous year, an increase of 8%.

NBK Deputy CEO & AWB Chairman Shaikha Al Bahar said that " the growth of our international branches' profits, particularly in Egypt and Qatar, has considerably helped NBK Group in achieving a total of KD 145.2 million net profits for the 1st half of 2010. AWB has once again proved its ability to post record profits and unprecedented growth in the Egyptian market despite the unfavorable and challenging regional and international situation".

AWB's return on average assets was 2,95% compared to 2,9% in the same period of previous year, while the return on shareholders equity reached 35%, compared to 32%, and the Bank's total assets stood at EGP 15,7 billion compared to EGP 14,8% in the first half of the previous year. AWB's total shareholders equity, including profits for this period, maintained the same level of the previous year at EGP 1,560 billion.

On his part, AWB CEO, Dr. Yaser Hasan indicated that " the positive results achieved by AWB are the outcome of focusing on service quality, enhancing risk management systems and implementing a business work model that meets the variable requirements of all customer categories".

AWB , which is a member of NBK Group, was established in 1980 and has a branch network comprised of 39 branches situated at strategic locations within the various Egyptian governorates and cities, including Cairo, Al Jezza, Alexandria, Sharam Al Shaikh, Al Ghardaka, Tanta, 6th October, 10th Ramadan, Al Mansoura, Dumyat and Souhaj.