Abu Dhabi – Mubasher: The National Bank of Abu Dhabi (NBAD) reported a net profit of AED 1.446 billion in the second quarter of the year, a rise of 1% year-on-year and 2% quarter-on-quarter.
NBAD’s net profits for the first six months of 2015 grew 1% to AED 2.869 billion, compared to figures from the same period in 2014. Earnings per share (EPS) increased to AED 0.53 in H1-15 versus AED 0.52 in H1-14.
“Underlying franchise growth in strategically targeted areas of our businesses drove revenue growth in the first half of the year. During the second quarter, expenses were relatively flat and credit quality remained very strong,” NBAD revealed in a statement, adding that its balance sheet growth was strong year-on-year, due to a strong uptick in lending. Meanwhile, continued lending growth combined with a decline in customer deposits in Q2-15 resulted in a higher loan-to-deposit ratio.
The Bank’s return on equity (RoE) of 14.4% in H1-15 continues to remain attractive, and is in-line with the medium-term target of 15%, the bank added.
“In the first half of 2015, NBAD delivered consistent profits in an increasingly difficult environment, whilst maintaining a strong balance sheet and robust capital position.
We have made great strides in growing our market share in Abu Dhabi through initiatives such as continuously improving customer service and refurbishing our branch network,” said Nasser Al-Sowaidi, NBAD chairman, adding that in Q2-15 NBAD reopened its main Abu Dhabi headquarters branch, launched a new mobile banking application, and unveiled a sponsorship with Dubai Mall and a partnership with Al Futtaim Group.
“NBAD also continued to expand its presence on the global stage, hosting the 3rd installment of our GFM Series in Cairo, which was a successful event in one of the bank’s key markets outside of the UAE,” the chairman revealed.
NBAD is well-positioned for a second half, he added.
