News Column

NBAD net profit up 9.3% to Dh4.73b

January 28, 2014

Babu Das Augustine; Deputy Business Editor

Abu Dhabi : The National Bank of Abu Dhabi (NBAD) on Tuesday announced a net profit of Dh4.73 billion for 2013, up 9.3 per cent from Dh4.33 billion reported in 2012. Operating profits grew 6.2 per cent to Dh6.15 billion in 2013. The board of directors has recommended a cash dividend of 40 per cent (or 40 fils per share) and a stock dividend of 10 per cent (1 bonus share for every 10 shares held) for the financial year ended 31 December 2013 . "We delivered strong revenue and earnings growth whilst maintaining our solid balance sheet and strong capital position," said Nasser Al Suwaidi , chairman of NBAD. The ban's net profit for the fourth quarter of 2013 was down 3.9 per cent to Dh1.077 billion, compared to the fourth quarter of 2012. NBAD reported an asset growth of 11.4 per cent to Dh325.1 billion in 2013, primarily led by lending growth and increased liquidity. Net Loans and advances grew 11.7 per cent for the full year to Dh184 billion. The financials for the year showed strong improvement in the asset quality with the non-performing loan (NPL) ratio for the full year declining to 3.16 per cent of the loan book — compared to 3.5 per cent in the beginning of the year. In 2014, the bank sees several trends which are favourable for the near-term economic outlook including strong growth prospects for the domestic economy supported by record low interest rates and stimuli by major central banks. NBAD expects the favourable domestic and global macroeconomic trends to support its growth strategies. "We are well positioned to continue the momentum we have begun to see as we enter 2014. The restructuring of our organisation has commenced and we are investing in our new strategy and building the operational €˜spine' of the bank. Our focus is on building new drivers of non-interest income and our results are beginning to show strong improvements in underlying revenue performance," Alex Thursby , Group chief executive officer of NBAD, said.

For more stories on investments and markets, please see HispanicBusiness' Finance Channel

Source: Gulf News (United Arab Emirates)

Story Tools