National Bank of Abu Dhabi profits increase 13 per cent

21 October 2008
National Bank of Abu Dhabi has reported a 13 per cent increase in profits during the three months to the end of September to AED576m ($157m), and says it has not made any provisions because of the global credit crisis.

The bank said its financial markets business had marked down its investment portfolio by AED58m during the third quarter due to falling market prices but despite this, overall profit in the division was up 285 per cent.

At the end of the third quarter the bank had AED160bn of assets, a rise of 36 per cent from the same time in 2007.

NBAD also announced it has borrowed $550m from four international banks for a five-year period.

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