NBAD paid-up capital up by Dh56m

Published Thursday, March 27, 2008

By Nadim Kawach

(CRAIG SCARR)

The National Bank of Abu Dhabi (NBAD) on Thursday said it increased paid-up capital by nearly Dh56 million through convertible sukuk.

The Abu Dhabi-based bank, reporting its decision to the Emirates Securities and Commodities Authority (Esca), said its capital has now risen to around Dh1.647bn from Dh1.591bn before the increase.

It said ESCA had approved the decision and the listing of the nearly 55.8 million new shares on the Abu Dhabi Securities Market.

“We would like to advise you (NBAD) that the Esca has no objection to the listing of the new 55.8 million shares in the capital increase,” the UAE’s securities regulator said in a statement.

NBAD is one of the largest Arab banks by assets, which peaked at nearly Dh140bn last year.The bank this month reported an increase of around 19 per cent in 2007 net profit to Dh2.5bn.

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