NBK reports EGP 312.8 million net profits from AWB operations for 2008
An increase of 54% against previous year
NBK reported today a net profit of EGP 312.8 million from Al Watany Bank of Egypt (AWB) operations in 2008 compared to EGP 203.3 million in 2007, an increase of 54%. Return on AWB average assets rose to 2.37% in 2008 from 1.63% in 2007 while return on shareholders equity increased to 20% from 15%.
NBK Group CEO, Ibrahim S. Dabdoub expressed his satisfaction at the remarkable financial results and the progressive growth achieved by AWB, pointing out that these results indicate that AWB is well positioned to capitalize on the promising opportunities available in Egypt, adding that he expects that AWB will maintain the momentum of its ongoing growth and remarkable financial results.
"For the second consecutive year, AWB has proved its ability to make unprecedented growth and post record net profits of EGP 312.8 million, with an increase of 54% against the previous year despite the adverse and unfavorable regional and international situation" Dabdoub added.
AWB,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.