NBAD reports record net profit
The National Bank of Abu Dhabi (NBAD) on Sunday reported a record net profit for the 1st half of 2004 of Dh503 million, 28% above the 1st half of 2003. Annualised EPS of Dh10.69, represent a 28% increase over the corresponding period of 2003. The annualised return on equity reached 23.6% compared with 20.75% in the 1st half of 2003.
For the second quarter, net profits at Dh287M, were up 34% on the corresponding quarter of 2003 and 33% up on the first quarter of 2004.
Total assets reached Dh48.8 billion at the end of the first half of 2004, up 21% over the same period for 2003, with customer deposits up 20%. Shareholders’ equity reached Dh4,475 billion.
“The bank’s performance was outstanding this quarter driven by all our businesses,” said Michael H Tomalin, Chief Executive of NBAD. “Our commitment remains to develop the bank along the lines clearly set out in our long term plans: focus on the customer, develop our people and reward our shareholders,” added Tomalin.
Operating income for the 1st half of 2004 was Dh765 million including non-interest income of Dh317 million, which was 26% above the corresponding period in 2003. Operating income rose 23% year on year, outpacing the expense growth of 16%, which resulted in the cost income ratio improving from 30.8% in the first half of 2003 to 29.2% in the first half of 2004.
Over the first half of 2003 domestic banking profits were up 10%, international banking 13% and Investment banking 49%. (menareport.com)
© 2004 Mena Report (www.menareport.com)