NBAD profit up 58% at Dh1.876bn

The National Bank of Abu Dhabi netted a profit of Dh1.876 billion in the first half of the year, up by 58 per cent from last year's figures.

A bank release said the return on the share amounted to Dh1.92 against Dh1.24 the same time last year while the rate of return on shareholder rights rose by 31.1 per cent, far exceeding the bank's 25 per cent forecast in the medium term.

The second quarter, from April to June, saw the breaking of two records as the second quarter net profit amounted to Dh1.002bn, a rise of 72 per cent compared to the same period last year.

Also the total assets amounted to Dh165bn by the end of June 2008, a rise of 33 per cent in the same period last year. Loans rose to Dh106bn by the end of the first half, a rise of 63 per cent compared to the same period last year, an indicator of the rising demand to finance the big growth in the emirate. Customer deposits increased by 15 per cent to Dh89bn while cash and assets kept by the Central Bank reached Dh24.6bn by June-end.