Business | Banking
NBAD cumulative third-quarter profit reaches Dh2.5b
Bank's assets amounted to Dh160b at the end of the third quarter, an increase of 36%.
- Staff Report
- Published: 16:40 October 21, 2008
Dubai: National Bank of Abu Dhabi (NBAD) on Tuesday reported a 44 per cent increase in its net profit to Dh2.52 billion for the first nine months of 2008, compared to Dh1.76 billion in the same period last year, a statement said.
The bank reported a net profit of Dh651 million for the third quarter ending September 30, a 13 per cent increase compared with Dh576 million for the third quarter of 2007.
Cumulative profits for the three quarters represent an annualised earnings per share (EPS) of Dh1.72, which was 41 per cent higher than the previous corresponding period of Dh1.22. Annualised return on equity (RoE) was 26.6 per cent.
"This performance reflects the quality of our banking businesses in the current difficult global market conditions. No property revaluation gains have been taken," the statement said.
Total assets amounted to Dh160 billion at the end of the third quarter, up from Dh117.5 billion or 36 per cent over the same period last year. Customer deposits increased by 37 per cent and loans by 54 per cent.
Towards the end of the quarter under review, NBAD borrowed $550 million for five years from four major international relationship banks.
Total collective provisions for the nine months amounted to Dh314 million, of which Dh169 million was new collective provision taken in the third quarter.
"Net impaired loans as on September 30, 2008, were Dh849 million, 139 per cent covered by provisions," the statement said.
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