Al-Watany Bank of Egypt reported net profits of $23 million for 2001
Al Watany Bank of Egypt (AWB) reported a net income of 107.9 million Egyptian Pounds ($23 million) for 2001, a 5.9 percent increase compared to EP 101.9 million in the previous year, confirmed a press release. In the fourth quarter of 2001, AWB reported earnings of EP 19.1 million, a 15 percent drop compared to a year ago and the return on common equity was five percent.
AWB raised its capital by EP 17.5 million, reaching EP 175 million with the total number of outstanding shares reaching 25 million. Reserves increased by EP 26.2 million, reaching EP 200.3 million.
Revenues increased by 20.4 percent to EP 481 million in 2001 and interest income rose by 13.7 percent reaching EP 421.1 million. Non-interest revenues reached EP 150.3 million in 2001, an increase of 33 percent compared to 2000. The increase was attributed to revenues from foreign exchange, its income rising by 128.2 percent.
Interest expense grew by 29.3 percent due to the noticeable increase in customer deposits. While selling, general, and administrative expenses grew by 17.6 percent. Commissions and fees rose by 6.5 percent due to a higher business volume and higher fees paid.
AWB is one of Egypt’s leading private sector banks. At present, the bank's services include current accounts and time deposits, certificates of deposit, documentary settlements, and project and loan finance. The bank is also involved in securities trading, establishment of new companies, and promotion of initial public offerings.
The bank offers these services through its 15-branch network, Visa, tele-banking, and automated teller machines (ATM) in Egypt's major cities. All of its branches are automated, connected online, and linked to the SWIFT fund transfer system. The bank also operates an Islamic banking branch in Cairo. — (menareport.com)
© 2002 Mena Report (www.menareport.com)