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24 May 2024

NBAD ranked No.2 in ‘Top 10’ ADSE companies

By Wam

The National Bank of Abu Dhabi (NBAD) has been ranked second in ‘Top 10 Abu Dhabi Securities Exchange Companies’ for its strong performance in net profit and market value.

The ‘Top 10 Abu Dhabi Securities Exchange Companies’ list ranks companies based on their performance during 2011 in net profit and market value.

NBAD finished in second place in net profit of Dh 3,707.55 million and market value of Dh31,426.97 million, bringing it to the forefront of financial institutions.

"2011 was the year of economic instability, yet with a prudent and smart strategy in growth and investment, we were able to overcome the tough conditions that troubled the market and sustained NABD's position as the most profitable bank in the UAE," said Abdulla M. S. Abdul Raheem, Deputy Group Chief Executive of NBAD.

The "Top 10 Abu Dhabi Securities Exchange Companies" list endeavours to recognise a company's achievement and promote transparency among companies. It aims to endorse Abu Dhabi's economic growth as well as promote it as an investment destination.

"Abu Dhabi’s economic vision is at the core of NBAD's business on which we depend to become the world's best Arab bank," explained Abdul Raheem. "It is our honour to be ranked among top 10 Abu Dhabi companies representing the capital's economy."

Organised by Alliance Capital Group and Abu Dhabi Media Company, the awards ceremony of top Abu Dhabi companies was held on January 26 in Abu Dhabi University.

Mohammed Ali Yasin, managing director of Abu Dhabi Financial Services, the fully-owned brokerage subsidiary of NBAD, received the award on behalf of NBAD.