National Bank of Abu Dhabi (NBAD) is aiming to generate increased revenues from supporting trade and investment flows between West Africa to East Asia, said bank chairman Ahmed Alsowaidi.

Speaking at its annual general meeting held on 11 March, Alsowaidi said that the bank has a five-year growth plan that will see NBAD expand both in the UAE and internationally.

The Abu Dhabi-based bank reported profits of AED4.7bn ($769.4m) in 2013, an increase of almost 10 per cent compared to the previous year.

The bank’s revenues also increased by 8 per cent in 2013 while loans increased by 12 per cent to AED184bn.

NBAD’s results were in line with growth across the UAE’s banking sector, with a number of banks reporting increased profits for 2013.

After spending the past few years reducing their exposure to problem loans and strengthening their balances, many banks are now positioning themselves to increase their lending activity.

NBAD announced the distribution of cash dividends of 40 per cent and stock dividend of 10 per cent for the full year 2013 at the annual meeting.