Al Watany Bank of Egypt Reports EGP 304 Mln Net Profit In 2012

Al Watany Bank of Egypt (AWB) achieved net profit of EGP 304.078 million in 2012, compared to EGP 220.552 million at the end of 2011, registering an increase of EGP 83.526 million (37.87%), thanks to the bank’s investments in treasury bills and bonds which reached EGP 7.335 billion at the end of 2012.

The bank’s customers’ deposits reached EGP 13.336 billion at the end of 2012, compared to EGP 12.333 billion at the end of 2011, registering an increase of EGP 1.002 billion (8.13%).

The bank’s financial statement showed that this increase came after some companies withdrawn their deposits to use them in commercial purposes, making retail banking deposits exceed for the first time the corporate deposits as the retail deposits accounted for 51.2% and the corporate deposits for 48.8% of the deposits portfolio.

The bank’s balances held by other banks reached EGP 1.485 billion at the end of 2012, compared to EGP 1.241 billion at the end of 2011.