National Bank of Abu Dhabi reports profits rise

24 October 2007
National Bank of Abu Dhabi has reported a second consecutive increase in quarterly profits, with net profits up 14 per cent for the three months to 30 September.
Chief executive Michael Tomalin said that the equity markets in the UAE were improving, which helped the bank's brokerage and asset management business.
The bank's income for the third quarter was $156.9 million, while assets held by it rose 38.4 per cent, compared to the same period in 2006, to $31,997 million.
Total profits for the first nine months of the year were 8 per cent higher, at $479 million.
Tomalin added that return on equity, at 24.9 per cent, was close to the bank's medium term target of 25 per cent.

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