NBD’s net profits up 25 percent
The National Bank of Dubai (NBD) recorded a 25 percent net profit increase in 2002 to 569 million Emirati dirhams ($154.9 million). As a result, earnings per share were Dh 5.24 as compared to Dh 4.15 last year.
Return on equity increased from 9.76 percent in 2001 to 10.36 percent in 2002. Total assets grew by 7.7 percent supported by an 8.1 percent growth in customer's deposits, while loans and advances increased by 28 percent.
NBD announced that the Annual General Meeting (AGM) of its shareholders will take place on March 15, 2003. The Bank's share register will remain closed from February 15 to March 15, until the conclusion of the AGM. The Board of Directors is recommending a 40 percent cash dividend to the shareholders on the enhanced share capital. — (menareport.com)
© 2003 Mena Report (www.menareport.com)