NBK reports EGP 103 Million Net Profits from AWB Activities for the 1Q of 2009
NBK Group posted EGP 103 million from Al Watany Bank of Egypt AWB 's operations during the first quarter of 2009 compared to EGP 99,7 million during the same period of previous year, an increase of 3,4%.
AWB Chairman Shaikha Al Bahar said that 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.
Al Bahar added that AWB's return on average assets was 3,14% compared to 3,19% in the previous year, while the return on shareholders equity reached 30,5%, compared to 31,7%, and the Bank's total assets stood at EGP 13,2 billion compared to EGP 12,5% in the first quarter of the previous year, an increase of 5,6%. AWB's total shareholders equity, including profits of this period, reached EGP 1,7 billion compared to EGP 1,4 billion, up by 21,4%.
AWB , which is a member of NBK Group, was established in 1980 and has a branch network comprised of 30 branches situated at strategic locations within the various Egyptian governorates and cities, including Cairo, Al Jezza, Alexandria, 6th October, 10th Ramadan and Souhaj.
NBK is the highest rated bank in the Middle East and also tops the list of Emerging Markets banks by major international rating agencies – Moody's, Standard & Poor's and Fitch Ratings. The bank is also distinguished among Arab banks by its international network of branches, subsidiaries and representative offices located in the main international and regional financial centers such as New York, London, Paris, Lebanon, Jordan, Egypt, Bahrain, Qatar, Saudi Arabia, Turkey, Singapore, Vietnam, and China, with other ambitious plans for regional and global expansion.
