NBAD profits up eight percent in 2002
The National Bank of Abu Dhabi recorded profits of 654 million Emirati dirhams ($178 million) for 2002, the highest level achieved in the history of the bank. The increase in net profits of Dh 46 million represents an eight percent increase over last year.
It is proposed to distribute 30 percent cash dividend to shareholders. At the 2002 year-end, total assets of NBAD increased by 21 percent to Dh 39 billion. Loans and advances increased by Dh 4.5 billion and customers' deposits by eight billion dirhams.
The increase in NBAD profit is attributable to the 43 percent increase in commissions and other operating income against an increase of seven percent in operating expenses. Net interest fell 2.9 percent as the bank passed the benefit of low interest rates to borrowing customers.
The international banking and investment banking businesses performed well with operating profits up 17 percent and 47 percent year on year. Domestic banking profits declined eight percent as a result of lower interest rates.
Despite the modest increase in expenditure, the Bank has continued to implement technology solutions and upgrade IT systems and delivery channels. With the opening of a branch in Umm Al-Quwain, the Bank now operates in all seven emirates of the UAE. — (menareport.com)
© 2003 Mena Report (www.menareport.com)