NBAD net profits up 25pc to $713m in H1
Abu Dhabi, July 23, 2013
The National Bank of Abu Dhabi (NBAD), a leading bank in the UAE, earned Dh2.62 billion ($713 million) for the first half of 2013, up 25.6 per cent from Dh2.08 billion in the corresponding half of 2012.
This represents diluted EPS of Dh0.58 for H1 2013 versus Dh0.46 for the same period in 2012.
Net profits were up 15.8 per cent to Dh1.212 billion in Q2 2013 versus Dh 1.046 billion in Q2 2012, but were down by 14 per cent as compared to Q1 2013.
The annualised return on shareholders’ funds for the first half of 2013 was 18.1 per cent, up from 16.9 per cent in 1H 2012 and in line with our medium term target.
Nasser Alsowaidi, chairman of NBAD said, “The first half demonstrates NBAD’s ability to consistently deliver results. Once again, we have achieved strong top and bottom line growth whilst maintaining our solid balance sheet and strong capital position. With Alex Thursby at the helm, we look forward to continued success for the bank and its stakeholders.”
Alex Thursby, group chief executive said - “Our results for the first half of 2013 are largely positive, and I look forward to continuing the strong growth trajectory which NBAD has been on for many years. I am encouraged by what I have seen so far and more excited than ever about the opportunities which lie ahead for NBAD. That said, we face many challenges and have a lot of work ahead of us in order to achieve our goal of being the World’s Best Arab Bank.”
“During my first few weeks at NBAD, I have focused my energies on formulating our strategic vision for the next 5 years and ensuring that we are absolutely focused on being core to our chosen clients.
“When we become truly core to our clients, we will deliver better results for our shareholders and all of our stakeholders. I look forward to sharing more about my strategic vision with clients and the investment community over the next several months,” Thursby added.
“Overall, I believe this bank is in a very solid position and has great potential. The critical factor is to enhance our execution to significantly improve that position through a clear and coherent strategy, both domestically and internationally over the next 5 years,” Thursby concluded.
NBAD’s operating profits grew 21.8 per cent to Dh3.351 billion in H1 2013 versus H1 2012. Operating profits were up 20 per cent to Dh536 million in international banking, up 41 per cent to Dh 582 million in global financial markets and up 69 per cent to Dh 104 million in its global wealth business. – TradeArabia News Service
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