|
Abu Dhabi: National Bank of Abu Dhabi (NBAD) said yesterday its net profit for the April to June second quarter rose 72 per cent to exceed Dh1 billion for the first time.
Its total assets reached Dh165 billion, up 33 per cent over the same period in 2007, NBAD told the Abu Dhabi Securities Exchange, where it is listed.
The bank reported a 58 per cent rise in net profit to Dh1.88 billion for January-June, the first half.
"Annualised earnings per share were Dh1.92 up from Dh1.24 in the comparable period of 2007. The return on equity was 30.1 per cent, above the Bank's medium term strategic plan return of 25 per cent," NBAD said.
"The outstanding first half results reflect the strong performance of all the bank's businesses. NBAD is well positioned to play its part in the on-going Abu Dhabi and UAE growth story," an NBAD statement quoted its chief executive, Michael H. Tomalin, as saying.
NBAD is the latest bank to beat analyst expectations as the local economy continues strong growth.
Shares of NBAD rose 1.19 per cent to Dh20.60.
The bank's domestic banking business was the biggest contributor to profit, accounting for 50 per cent, according to a statement.
International business, financial markets and other businesses contributed 15 per cent, 25 per cent and three per cent respectively.
"Islamic and private banking businesses are progressing on plan and our real estate arm is expected to commence formal operations in the fourth quarter. Head office, which is run as a business, contributed 7 per cent. The financial markets business has enjoyed an outstanding first half with profits up 352 per cent," it said.
|
