NBAD posts 35 percent increase in net profits
According to recently disclosed statistics, the National Bank of Abu Dhabi (NBAD) posted an increase of 35 percent in net profits during the first half of the current un-audited year compared to the corresponding period of last year.
The profits figure reached 312.72 million Emirati dirhams ($85 million), whereas they stood at Dh 231.75 million last year this time, according to Gulf News.
Operating profits, on the other hand, stood at Dh 346.57 million, whereas last year these profits amounted to only Dh 263.68 million. Consequently, annual earnings per share (EPS) reached Dh 66.42, compared to last year’s Dh 49.23 figure.
Furthermore, last year the bank reported the highest profits ever since the bank’s founding in 1968, which stood at Dh 513 million. This figure represented a 65 percent increase over the previous year.
Interest income rose to Dh 376.2 million compared to Dh 319.55 million last year. The bank’s operating expenses rose by a mere 3.6 percent, reaching Dh 169.37 million. Although shareholders' equity rose to Dh3.2 billion from Dh2.96 billion, assets declined to Dh 33.38 billion from Dh35.3 billion.
Currently, the bank is considered first in the UAE in terms of assets, deposits and branches. NBAD operates 13 branches in Egypt, Oman, Sudan, Britain, France and Bahrain. –(MENA Report)
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