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Dubai: National Bank of Abu Dhabi (NBAD), one of the UAE's biggest lenders, on Monday reported full year net profits of Dh2.5 billion, an increase of 19 per cent compared to 2006.
Operating income reached Dh3.66 billion, 24 per cent up from 2006. Net interest income, which represented 66 per cent of operating income, rose 19 per cent while fee and other operating income rose 35 per cent.
Operating costs increased within plan to Dh1.05 million, up 51 per cent from 2006, reflecting the increased investment in our network, brand and products.
The cost income ratio of 28.8 per cent is low by international standards, and lower than the 35 per cent average cost income ratio the bank expects over the medium term.
Total assets surge
The bank's fourth-quarter profits stood at Dh744 million, an increase of 59 per cent from fourth quarter of 2006.
Businesses performed well across the board during the period with operating income increasing by Dh1.1 billion and operating expenses increasing by Dh0.3 billion.
Total assets reached Dh140 billion at the end of 2007, up 38 per cent from 2006, with customer deposits up 16 per cent to Dh82 billion and loans up 39 per cent to Dh80 billion.
Total capital resources reached Dh13.7 billion, up 20 per cent, including Dh2.5 billion of subordinated convertible debt and without any new shareholder contributions.
The RoE at 26.3 per cent in 2007 is ahead of the 25 per cent average target set in the bank's 5 year plan. Capital adequacy ratios remain comfortable.
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