AWB, NBK’s subsidiary in Egypt reports 13.2% growth in profits for 2013
Al Watany Bank of Egypt (AWB), the subsidiary of National Bank of Kuwait Group (NBK) in Egypt, reported net profits of EGP344.1m for the year 2013 compared with EGP304.1m for 2012, an increase of 13.2% year-on-year (y-o-y).
As of end of December 2013, AWB’s total assets increased by 13.5% to EGP20.4bn. Customers’ deposits grew 30.8% y-o-y. ROA reached 1.69% and ROE increased to 18.19% in the same period.
Isam Al Sager, NBK Group CEO and AWB Chairman, said, “AWB’s strong results despite the difficult operating environment in Egypt and the region reflect NBK Group’s conservative approach and affirm the success of its regional expansion.” “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,” he concluded.
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, one of the safest banks in the world, 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. NBK has the widest banking presence with around 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 credit ratings 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. NBK also maintains its position among the 50 safest banks in the world for the eighth consecutive time.
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