NBAD’s first 3Q profits reach $161 million
The National Bank of Abu Dhabi (NBAD) recorded net profits of 593 million Emirati dirhams ($161 million) for the first three quarters of 2003, a 19 percent earning increase compared to figures from the same period last year.
The bank’s annualized earnings reached Dh 8.39 per share, stated a press release. Third quarter earnings of Dh 200 million were 21 percent up on the corresponding quarter of 2002 reflecting a good trading performance during the third quarter, and a marked increase in domestic division profits as a result of successful retail programs and strong corporate business flows.
Overall Domestic Division profits for the first nine months were up 10 percent over the same period of 2002. Investment Banking profits were 12 percent up and International profits 48 percent with good performances in London, syndications, the emerging market business and Egypt notwithstanding the difficult economic conditions there.
Operating since 1968, NBAD is the leading bank in the United Arab Emirates (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). — (menareport.com)
© 2003 Mena Report (www.menareport.com)