National Bank of Abu Dhabi posts Q1 net profits in excess of AED1 billion
Despite impairment charges of AED 225 million, NBAD posts 34$ rise in Q1 net profits.
April 28, 2010 9:07 by Katherine Azmeh
National Bank of Abu Dhabi, or NBAD, says its first quarter net profits topped AED 1 billion in 2010, up 34 percent over last year, according to Wednesday’s Khaleej Times.
Despite net impairment charges of AED 225 million, the bank posted earnings of AED 1.67 per share. Non-performing loans at the end of Q1 2010 accounted for 1.3 percent of the total loan portfolio, with the possibility that the ratio might increase by year’s end, the bank’s Michael Tomalim said, adding that adequate provisions had been said aside for this possibility.
Total revenues for the first quarter 2010, topped AED 1.7 billion, up 23 percent over the same period last year, the report added.