ABU DHABI, 11 July 2004 — The National Bank of Abu Dhabi (NBAD) announced yesterday record first half profits of 503 million dirhams ($137 million), up 28 percent on the same period of last year. NBAD, which last year posted the biggest profits in the oil-rich emirate’s buoyant banking sector, said operating income rose to 765 million dirhams ($208.4 million) in the first half, up 26 percent year-on-year. Total assets reached 48.8 billion dirhams ($13.2 billion) at the end of the first half, 21 percent higher than at the corresponding point at 2003.
“The bank’s performance was outstanding this quarter driven by all our businesses,” said Chief Executive Michael Tomalin. “Our commitment remains to develop the bank along the lines clearly set out in our long-term plans: focus on the customer, develop our people and reward our shareholders.” The annualized return on equity was 23.6 percent compared with 20.75 percent in the first six months of 2003.
