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NBAD sees 41 percent increase in net profit

National Bank of Abu Dhabi (NBAD) reported…

October 27, 2009 10:20 by

National Bank of Abu Dhabi (NBAD) reported net profits of AED914 million ($248.8 million) in the third quarter of 2009, an increase of 41 percent compared with the AED651 million made during the third quarter of 2008. Profits for the first nine months of the year amounted to AED2.59 billion, 2.5 percent higher compared to the same period last year.

“The UAE banking sector remains stable assisted by a proactive regulatory framework that has contributed to the resilience of the banking system under the present tough global financial conditions,”

said Nasser Ahmed Khalifa Alsowaidi, chairman of NBAD said in the press release.

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