The National Bank of Abu Dhabi (NBAD) posted a 19 percent increase in its unaudited net profits in the first half of 2003. The bank’s net income totaled 393 million Emirati dirhams ($107 million) at the end of the six months period, up from Dh331million in the same period in 2002.
Annualized earnings per share reached Dh8.34, compared to Dh7.04 in 2002. The bank’s assets grew from Dh35.25 million in 1H02 to Dh40.44 million at the end of 1H03, with customer deposits also rising from Dh24.74 million to Dh29.08 million.
NBAD has recently been rated the United Arab Emirates (UAE)’s financially strongest bank by Capital Intelligence (CI) with an 'A+' rating, along with National Bank of Dubai (NBD) and Emirates Bank International (EBI).
NBAD received an A+ rating on long-term foreign currency, and an 'A1' rating for foreign currency short-term. Moreover. NBAD enjoys a high level of 'support' at 1, while the outlook attached to it by CI is stable.
Operating since 1968, NBAD is the leading bank in the UAE, in terms of total assets, deposits, branch and ATM networks. NBAD also operates 13 overseas branches in Egypt, Oman, Sudan, UK, France and Bahrain (OBU). The network also includes Abu Dhabi International Bank, a subsidiary incorporated in Curacao, Netherlands Antilles, but which functions as a branch in Washington. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
