National Bank of Dubai reported a net profit of AED 651 million for the first half of 2007, recording strong growth of 29.1% over first half 2006 results of AED 504 million. NBD’s favourable performance was achieved through robust growth in the bank’s core commercial business which continued to perform above expectations. Earnings per Share (EPS) increased to AED 0.42 in H1 2007 from AED 0.32 in H1 2006.
Net interest Income grew by 29% relative to first half of 2006 to AED 765 million, well supported by healthy growth in loans and customer deposits. Other income at AED 470 million in H1 2007 was 68% higher (AED 279 million) than the same period last year, contributed to largely by increased fees and commission revenue from the strong growth of both Retail and Corporate businesses.
In addition, Total Assets of the Group increased by 17% from AED 69 billion as at 31 December 2006 to AED 81 billion as at 30 June 2007. Loans and Advances now represent 65% of the asset base, having grown by 22 % to AED 53 billion as at 30 June 2007 from AED 43 billion as at 31 December 2006. Customer deposits rose from AED 45 billion as at 31 December 2006 to AED 52 billion as at 30 June 2007.
“NBD’s impressive H1 performance is marked by strong growth in all main areas of our business and we have continued to perform above expectations. We are very pleased with this continuing positive momentum and our focus for the year ahead continues to be building sustainable revenue streams”.said R. Douglas Dowie,Group Chief Executive, National Bank of Dubai.
