Al Watany Bank’s deposits portfolio posts EGP 580m retreat in 2011

Al Watany Bank of Egypt’s deposits portfolio declined by 4.5% in value to EGP 580 million, registering EGP 12.33 billion in December 2011, compared with EGP 12.91 billion in December 2010.

AWB’s financial results showed a retreat in loans and credit facilities in 2011 by 0.6% in value to EGP 44 million, registering EGP 7.119 billion, compared with EGP 7.163 billion.

AWB attributed the loans retreat to the Bank’s policy which encourages customers to repay their debt on time. In addition, loans and credit facilities balance is decreased by EGP 17.2 million and impairment losses provision increased by EGP 28.8 million.

Impairment losses provision balance rose by 3.1%, reaching EGP 943.4 million at the end of 2011, compared with EGP 914.6 million at the end of 2010, as a result of supporting this provision by EGP 114.4 million, besides subtracting the write-off EGP 87.5 million debts from provision.

Treasury bills balance reached EGP 3.708 billion in 2011, compared with EGP 3.744 billion, with a 1% decline in value to EGP 35.7 million. Return on T-bills balance registered EGP 364.6 million, compared with EGP 267.3 million, with a 36.4% increase.

Bank’s financial consultancies to subsidiary and other companies decreased by 43.9% in value to EGP 18.1 million as a result of liquidating and selling Jasmine Hotel establishments Company and Watani Hotels in which share value was EGP 35.7 million. AWB’s investments in National Capital Company increased to EGP 14.5 million and its investments in Egyserv Company increased to EGP 3.1 million. AWB’s financial investments portfolio reached EGP 23.1 million in 2011, compared with EGP 41.2 million in 2010.

AWB’s net profit fell by 49.5% in value to EGP 221.4 million, registering EGP 225.5 million in 2011, compared with EGP 446.9 million in 2010.