Growth testament of NBK Group's expansion strategy: Al Bahar
KUWAIT CITY, Nov 21: NBK Group posted EGP 341.9 million from Al Watany Bank of Egypt AWB 's operations during the first 9 months of 2010 compared to EGP 329.3 million during the same period of the previous year, an increase of 4 percent.
NBK Deputy CEO & AWB Chairman Shaikha Al Bahar said that consistent growth of AWB profits is a clear testament of the success of NBK Group's expansion strategy, adding that "the growth of our international branches' profits, particularly in Egypt and Qatar, has considerably helped NBK Group in achieving a total of KD 224.5 million net profits for the first 9 months 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 reached 2.99 percent in the first 9 months of 2010, while the return on shareholders' equity increased to 33.9 percent, from 32.9 percent during the same period of the previous year. AWB total assets stood at EGP 15.3 billion compared to EGP 14.8 billion as of the end of 2009. Shareholders equity, including profits for this period, reached EGP 1.7 billion.
On his part, AWB CEO, Dr Yaser Hasan indicated that consistent growth in all sectors is a strategic goal for AWB, adding 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 40 branches situated at strategic locations within the various Egyptian governorates and cities, including Cairo, Al Jezza, Alexandria, Sharam Al Shaikh, Al Ghardaka, Tanta, Oct 6, 10th Ramadan, Al Mansoura, Dumyat 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.
© Arab Times 2010
