National Bank of Abu Dhabi reports 3Q income gains
The National Bank of Abu Dhabi (NBAD) announced a 24 percent net operating income increase in the third quarter of 2001, compared with the same period of the previous year, according to a bank press release.
The bank’s net profits swelled to 446.6 million Emirati dirhams ($120 million) in the third quarter of 2001, up from Dh 361.3 million ($98 million) in the third quarter of 2000. Earnings per share rose from Dh 51.17 ($14) to Dh 63.2 ($17) during the same period.
Record profits of Dh 513 million were reported for the year ended 2000, representing a 65 percent increase, from 1999, when profits stood at Dh 202 million. At the 2000 year-end, total assets of NBAD rose by 16 percent to more than Dh 36 billion.
The government founded the National Bank of Abu Dhabi in 1968. In addition to its local branches, 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)
© 2001 Mena Report (www.menareport.com)