The bank said loans increased by 63 per cent in the three months to 30 June to AED106bn, while customer deposits rose by only 15 per cent to AED89bn.
This reflects the difficulty banks are having attracting deposits at a time when the UAE's inflation rate means that interest rates are effectively negative.
During the first half of 2008 expenses at the bank rose by 44 per cent, which NBAD attributed to increased investment in infrastructure and expanding the network of the bank.
Also on the 24 July, Investcorp, the Bahrain-based alternative investment company, reported a 50 per cent decline in net income for the 12 months to 30 June, driven by the declining global financial markets. Investcorp said net income was $151.1m, compared to $302.3m for the 12 months to 30 June 2007.
You might also like...
Iraq signs deal to develop the Akkas gas field
25 April 2024
Emaar appoints beachfront project contractor
25 April 2024
Acwa Power signs $356m Barka extension
25 April 2024
AD Ports secures Angola port concession agreement
25 April 2024
A MEED Subscription...
Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.