The National Bank of Dubai (NBD) recorded net profit growth of 60 percent in the first quarter of 2002, reaching 129.1 million Emirati dirhams ($35 million). Its total assets grew by six percent to Dh 32.9 billion and set aside Dh 9.4 million for provisions, reported WAM.
In contrast, NBD’s interest income plunged to Dh 261.4 million, interest expenses dropped by two-thirds to Dh 100.5 million during the same period. Furthermore, the bank’s other incomes more than doubled in the first quarter of 2002 to Dh 56.8 million.
The National Bank of Dubai operates as a public joint stock company. Founded in 1963, NBD is the oldest locally incorporated bank in the southern Gulf. From its new Dubai headquarters it operates 26 branches and pay offices in the United Arab Emirates (UAE) and two branches in London. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
