"In 2Q 2014, net profits were AED 1.424 billion, up 1.3% sequentially and 17.5% year-over-year. Results for both periods reflect improvement in underlying fee income and continued expense discipline. Diluted EPS was AED 0.56 for 1H 2014, up 6.8%," NBAD said.
The annualised return on average equity for 1H 2014 was 16.0%, down from 16.6% in 1H 2013.
Nasser Alsowaidi, Chairman of NBAD said, "In the second quarter of 2014, NBAD continued to generate solid momentum across business lines. The Bank's results reflect continued strength in underlying revenue and earnings growth. As we enter the second half of 2014, NBAD will continue to focus on generating long-term growth whilst maintaining its strong balance sheet and solid capital position."
"We are beginning to work as one team in major transactions and significant deals, we are establishing stronger government relations in areas such as cash management services, and we are in the process of expanding in the
As we enter the second half of the year, I am confident that we will continue to execute against our strategy and achieve sustainable growth over time,"
"The economy has shown signs of resilience amidst global and regional uncertainty and is beginning to generate returns from its diversification efforts. Last year, the non-oil sector constituted 61% of nominal GDP, with strength coming from real estate and transport/communication. Over time, the objective is to continue to increase the contribution from the non-oil sector to the overall
1H 2014 Highlights
Net Profits were AED 2.8 Billion, up 7.9% y-o-y Revenues were AED 5.1 Billion, up 4.4% y-o-y Total Assets grew to AED 348.5 Billion, up 6.7% y-o-y Loans were AED 181.7 Billion, up 4.8% y-o-y Customer Deposits increased to AED 237.4 Billion, up 8.2% y-o-y Trade contingencies were AED 95.1 Billion, up 21.8% y-o-y Strong capital position with CAR at 16.2% and Tier-I ratio at 14.7%
2Q 2014 Highlights
Net Profits were AED 1.4 Billion, up 1.3% sequentially (q-o-q) and 17.5% y-o-y Revenues were AED 2.6 Billion, up 2.8% q-o-q and 9.2% y-o-y Total Assets at AED 348.5 Billion, down 3.5% q-o-q Loans at AED 181.7 Billion, up 1.8% q-o-q Customer Deposits AED 237.4 Billion, up 1.0% q-o-q Trade contingencies AED 95.1 Billion, flat q-o-q
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