National Bank of Abu Dhabi 2Q net profits up 2 per cent

posted on 25/07/2012: 484 views

National Bank of Abu Dhabi (NBAD), one of the region's largest banks by assets said on Tuesday its fiscal second quarter net profit rose 2 per cent on the year to Dh1.05 billion.

For the fiscal first half, NBAD reported a 6.9 per cent increase year-on-year in net profit to Dh 2,087 million, the bank said in a statement.

Commenting on the bank's second quarter financial performance, NBAD's Group Chief Executive Michael Tomalin said : "The result for the first half is a reflection of our steady performance so far this year and is in line with our expectations. Loan growth appears more subdued due to some repayments and deposit growth appears lower mainly because of substantial deposit outflows which had been expected and factored into our cash flow positions. The Bank's liquidity remains strong and we have the capacity to grow rapidly when markets improve.”

NBAD said its operating income crossed the Dh4 billion mark in the first half to reach Dh4,100 million, up 5.5 per cent over the corresponding period of 2011. – Gulf News

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