AWB, NBK’s Subsidiary in Egypt, reports 15.3% growth in profits in the first quarter 2013

Al Watany Bank of Egypt (AWB), the subsidiary of National Bank of Kuwait Group (NBK) in Egypt, reported net profits of EGP 86.6 million in the first quarter of 2013 compared with EGP 75.1 million in the same period last year, an increase of 15.3% year-on-year.

As of end of March 2013, ROA increased to 1.98% compared with 1.82% at the end of March 2012, and ROE increased to 22.08% from 17.90% a year earlier.

Isam Al Sager, NBK Group Deputy CEO and AWB Chairman said that “AWB’s strong results reflect the success of NBK’s regional expansion despite the difficult operating environment in Egypt and the region.”

“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.”

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.

NBK has the widest banking presence with more than 170 branches worldwide. NBK’s international presence spans many of the world’s leading financial centers including London, Paris, Geneva, New York and Singapore, as well as China (Shanghai). Meanwhile, regional coverage extends to Lebanon, Jordan, Iraq, Egypt, Bahrain, Qatar, Saudi Arabia, the UAE, and Turkey.

NBK continues to collectively enjoy the highest ratings among all banks in the Middle East from the three international rating agencies; Moody’s, Fitch Ratings and Standard and Poor’s. The Bank’s ratings are supported by its high capitalization, prudent lending policies, and its disciplined approach to risk management, in addition to its highly recognized and very stable management team.