The National Bank of Abu Dhabi (NBAD) Reports AED 4.3 Billion Net Profits In 2012
The National Bank of Abu Dhabi (NBAD) earned AED 4,332 million for the year ended 31 December 2012, up 16.8% from AED 3,708 million for the year ended 31 December 2011. This represents diluted EPS of AED 1.04 for 2012 versus AED 0.88 for 2011.
Net profits for the fourth quarter of 2012 were AED 1,120 million, up 54.8% from AED 724 million in the fourth quarter of 2011.
The growth for both fourth quarter and full year 2012 was due primarily to higher investment and interest income.
The annualised return on shareholders’ funds for the year was 16.5%, which represents a slight improvement over 16.3% for 2011.
H.E. Nasser Alsowaidi, Chairman of NBAD said, “In the face of ongoing global challenges, NBAD continued to deliver strong, consistent performance whilst maintaining a strong balance sheet. In 2012, we repaid a significant portion of the Ministry of Finance notes and also issued the first ever issuance of a subordinated debt by a non-Malaysian financial institution in Malaysia. These actions serve as a testament to both the success of our global business model and the strength of our balance sheet. I am proud of our leadership team and our staff and their ability to deliver impressive results in this challenging environment and look forward to more success to come in 2013.”
Mr. Michael Tomalin, Group Chief Executive, commented, “2012 was a year in which we continued to see challenges across the globe. Despite these difficult conditions, NBAD delivered record profits by growing net earnings 17% whilst also expanding revenues by 10%. Our growth was a result of the success of our diversified business model, investment gains driven by favorable financial market conditions and successful hedging strategies. We also continued to expand our international presence by opening offices in China and Malaysia, and we have set a target of expanding internationally from 14 countries to 41 countries by 2022.
Our capital and liquidity positions remain pillars of strength, and we are very confident in our ability to comply with all upcoming changes in the regulatory framework. In 2012, we were once again ranked as one of the “World’s 50 Safest Banks” and the safest bank in the Middle East by Global Finance.
We are well positioned for continued success in 2013 as a result of our solid business model, and most importantly, our talented team of dedicated staff.”
Emirate: Abu Dhabi
Date: Jan 29, 2013
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