NATIONAL BANK OF ABU DHABI POSTS MAJOR PROFIT CLIMB

Info-Prod Research (Middle East), July, 2005

According to Al-Bayan newspaper (July 19, 2005), the National Bank of Abu Dhabi (NBAD) posted Dh 1.34 billion net profits in the first half of the current year, a 166% climb compared with the same period last year. For the second quarter, net profits were up 191% compared with the corresponding quarter of 2004.

Total assets reached a record Dh 65 billion, at the end of the first half of 2005, up 33 per cent on the same period in 2004, with deposits rising 22 per cent and loans making a marathon jump of 30 per cent. Shareholders equity recorded 37 per cent increase and amounted to Dh 6.1 billion during the period, said Michael H. Tomalin, Chief Executive of NBAD.