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NBAD Q3 profit up by 14pc to Dh576m

ABU DHABI — National Bank of Abu Dhabi (NBAD) has earned a Dh576 million net profit during the third quarter of 2007, 14 per cent higher than the earnings for same period last year.

The cumulative profits for the first nine months exceeded Dh1.76 billion, eight per cent more than the profits earned in same period in 2006. It reflects an annualised EPS of Dh1.48 up from Dh1.37 in the comparable period of 2006.

The annualised return on equity was 24.9 per cent, in line with the bank's medium term strategic plan. Total assets reached Dh117.5 billion at the end of the third quarter of 2007, up 38.4 per cent over the same period for 2006, with customer deposits and loans up 37 per cent and 24 per cent respectively.

Capital resources including the Dh2.5 billion of tier two subordinated convertible notes, reached Dh12.8 billion, up 17 per cent from the corresponding period in 2006.

Operating income for the first three quarters of 2007 reached Dh2.56 billion including non-interest income of Dh837 million, up 16 per cent over the comparable period.