AWB’s Net Profit Hits EGP 161.4 Mln In H1

Al Watany Bank of Egypt (AWB) achieved net profit of EGP 161.4 million at the end of the first half of 2012, up from EGP 135 million at the end of the first half of 2011, with an increase of 19.6%.

The bank’s assets rose by EGP 900 million, registering EGP 17.4 billion, up from EGP 16.5 billion. The shareholders’ equity, including profit for the period, reached EGP 1.607 billion at the end of June 2012, down from EGP 1.619 at the end of June 2011.

Yasser Hassan, managing director of AWB, said the bank succeeded in achieving good financial results in the year despite the difficult challenges facing the Egyptian economy.

Hassan attributed the bank’s good finical results to the diversification of loan portfolio, in addition to offering financial solutions that cater to the needs of all customers.