National Bank of Abu Dhabi profits up 45 per cent

27 April 2008
National Bank of Abu Dhabi has reported a 45 per cent increase in profits during the first quarter of 2008 compared to the same period in 2007, to AED875m ($238m).

The bank says it benefited from a one-off gain of AED165m relating to the sale of land in the northern emirates, which it had bought for a regional office, and which it subsequently exchanged for another site.

Assets rose to AED157bn ($43bn), an increase of 41 per cent, while expenses rose by 46 per cent.

Loans and advances grew 51 per cent to AED93bn, while customer deposits rose 29 per cent to AED92bn.

The bank's cash and balances with the Central Bank of the UAE rose by 160 per cent to AED39bn - a sign of the substantial liquidity in the market.

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