Al Watany Bank of Egypt, NBK's subsidiary in Egypt, reports 35% growth in profits in 2012
- Egypt: Tuesday, March 05 - 2013 at 16:04
- PRESS RELEASE
Al Watany Bank of Egypt (AWB), the subsidiary of National Bank of Kuwait Group (NBK) in Egypt, reported net profits of EGP304.1m for the year of 2012 compared with EGP225.6m in 2011, an increase of 34.8% year-on-year.
Isam Al Sager, NBK Group Deputy CEO and AWB Chairman said that "AWB's strong performance is a clear evidence of the success of our regional expansion despite the difficult operating environment in the region."
"AWB has once again proved its ability to post strong profits despite the unfavorable and challenging situation in Egypt. AWB's resilient performance in 2012 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 branch network comprised of 42 branches situated at strategic locations within the various Egyptian governorates and cities, including Cairo.
NBK has the widest banking presence in Kuwait with 64 branches, which together with its growing international presence totals 173 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.
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