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.