DUBAI, 30 April 2007 — National Bank of Dubai (NBD) reported a net profit of AED302 million in the first quarter of 2007, recording strong growth of 17.5 percent over first quarter 2006 results of AED257 million. NBD’s favorable performance was achieved through robust growth in the bank’s core commercial business. Earnings per share (EPS) increased to AED0.23 in the first quarter of 2007 from AED0.20 in the same period last year. Net interest income grew by 22 percent relative to first quarter of 2006 to AED360 million, well supported by healthy growth in loans and customer deposits.
FGB in Tie-Up to Enhance Protocols
ABU DHABI, 30 April 2007 — Abu Dhabi-headquartered First Gulf Bank (FGB) has contracted Dun & Bradstreet South Asia Middle East Limited (D&B SAME), the worldwide leading provider of business information, risk management solutions and analytics, to enhance and develop the bank’s risk management and compliance protocols. The tie-up will provide consultancy and technology solutions for the development of processes and systems that meet the exacting standards laid down in the Basel capital accord known as Basel II — which has created an urgent need among banking organizations for sophisticated risk management tools. “Basel II is built on three pillars which require us to align our capital requirements more closely with the actual risk of economic loss,” André Sayegh, CEO of FGB, said.
