UPDATE 1-Egypt's AlWatany 9-month net up 29 percent

* NBK unit's net profit up to 290.6 mln Egyptian pounds

* Assets up 13.7 percent to 14.6 bln pounds

* Shares soar 20 percent on Sunday

(Changes source to bank, adds details from AlWatany statement)

CAIRO, Nov 9 (Reuters) - AlWatany Bank of Egypt (WATA.CA), a subsidiary of National Bank of Kuwait (NBKK.KW), made net profit of 290.6 million Egyptian pounds ($52.6 million) in the first nine months of 2008, 29 percent up on the same period of 2007.

At the end of September, the bank's assets stood at 14.603 billion Egyptian pounds, 13.7 percent up on one year earlier, the bank added in a statement.

The bank's return on assets in the January-September period rose to 2.65 percent, from 2.33 percent in the same period of 2007, it said.

Chief executive Yasser Ismail Hassan said in the statement the bank had achieved growth in spite of what he called unfavourable international economic conditions.

AlWatany Bank shares soared 20 percent in trading on Sunday to 36.04 pounds a share.

NBK, Kuwait's largest bank by assets, bought 51 percent of AlWatany Bank for $522 million last August and as of April owned 98 percent of the bank's shares. ($1 = 5.5264 Egyptian pounds) (Writing by Jonathan Wright; Editing by Jon Loades-Carter)