National Bank of Dubai reported a net profit of AED 302 million for the first quarter of 2007, recording strong growth of 17.5% over first quarter 2006 results of AED 257 million. NBD’s favourable performance was achieved through robust growth in the bank’s core commercial business which continued to perform above expectations. Earnings per Share (EPS) increased to AED 0.23 in Q1 2007 from AED 0.20 in Q1 2006.
Net interest Income grew by 22% relative to first quarter of 2006 to AED 360 million, well supported by healthy growth in loans and customer deposits. Other income at AED 203 million in Q1 2007 was 41% higher (AED 59 million) than the same period last year, contributed to largely by increased fees and commission revenue from the strong growth of both Retail and Corporate businesses.
In addition, Total Assets of the Group increased by 6 % from AED 69 billion as at 31 December 2006 to AED 74 billion as at 31 March 2007. Loans and Advances now represent 63% of the asset base, having grown by 8 % to AED 47 billion as at 31 March 2007 from AED 43 billion as at 31 December 2006. Customer deposits rose from AED 45 billion as at 31 December 2006 to AED 49 billion as at 31 March 2007
“NBD’s impressive Q1 performance is marked by robust, broad-based growth in all main areas of our business and we have continued to perform above expectations. We are very pleased with this continuing positive momentum and our focus for the year ahead continues to be building sustainable revenue streams, in addition to actively growing our business lines, such as investment banking" said R. Douglas Dowie, Group Chief Executive of National Bank of Dubai.
In other developments, Moody’s recently upgraded National Bank of Dubai’s Bank Financial Strength Rating (BFSR) from D+ to C-.
About National Bank of Dubai
Founded in 1963, National Bank of Dubai is the oldest, locally incorporated bank in the Southern Gulf. Known as the bank with a performance that is second-to-none, NBD has built a reputation of stability and strength much appreciated by shareholders and customers alike. Recognizing this leading performance, NBD has been awarded with the Dubai Quality Award for the year 2005.
Offering diversified financial services, NBD is a leader in corporate banking. Its portfolio covers a wide range of services including transport, real estate, construction, manufacturing, tourism and service industries throughout the region. In addition, NBD’s ‘Private Office’ provides private banking services, offering highly tailored solutions to preserve and protect the personal wealth of its customers. Along with supplying customers with a variety of exclusive service based products, secured facilities, Credit Cards, personal loans, , auto loans and home loans, National Bank of Dubai also offers a variety of treasury products and services, advising customers on exchange markets and interest rate outlook. NBD, also launched Suhail Priority Banking Services, a premier banking service offering customers personalized relationship management and a host of exclusive products and services. Furthermore, NBD offers customers automated banking services, which consist of an internet service (NBD Online), a telebanking facility (NBD Telebank), an SMS based service (NBD Mobile) and an online brokerage trading in UAE shares through its subsidiary, NBD Securities.
NBD also recently established NBD Investment Bank which is its’ investment arm operating from DIFC.
With a comprehensive card portfolio that provides an array of benefits, NBD has, over the years, built a wide ATM network as well as Point of Sale terminals in select locations throughout the UAE.
National Bank of Dubai currently has an extensive branch network that includes 41 branches throughout the UAE. In addition, NBD also has a branch in London and Qatar as well as a representative office in Tehran.
