NATIONAL BANK OF ABU DHABI POSTS 35% PROFIT CLIMB

Info-Prod Research (Middle East), October, 2004

According to Al-Bayan newspaper (October 12, 2004), Mr. Michael Tomalin, Chief Executive of the National Bank of Abu Dhabi (NBAD), said that NBAD posted Dh 229 million during the third quarter of the year, a 50% climb compared with the corresponding quarter of 2003 reflecting strong performances in all divisions.

NBAD's cumulative profits for the first three quarters of the current year hit Dh 803 million, a 35% growth against the corresponding period of 2003. Annualized earning per share was Dh 11.37%, 35% above that for the corresponding period of 2003. The annualized return on equity reached 24% compared with 20.45 in 2003.