Al Bahar cites 10.3% increase
KUWAIT CITY, April 3: NBK Group posted EGP 447 million from Al Watany Bank of Egypt AWB's operations in 2010 compared to EGP 405.3 million in 2009, an increase of 10.3 percent.
NBK Deputy CEO & AWB Chairman Shaikha Al Bahar said that AWB has once again proved its ability to post record profits and unprecedented growth in the Egyptian marked despite the unfavorable and challenging regional and international situation.
AWB's return on average assets reached 2.62 percent in 2010, while the return on shareholders' equity increased to 33.03 percent, from 31.29 percent in 2009. Total assets increased to EGP 17.06 billion compared to EGP 14.82 billion. Shareholders equity, including profits for this period, reached EGP 1.8 billion as of the end of 2010, up from EGP 1.77 billion in 2009.
On his part, Dr Yaser Hasan, AWB CEO, said 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, 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 S haikh, Al Ghardaka, Tanta, Oct 6, Oct 10 Ramadan, Al Mansoura, Dumyat and Souhaj.
© Arab Times 2011
