NBAD customer deposits jump 25% to $53bn as net profits jump 17% to $1.2bnPosted on 29 January 2013 with 1 comment from readers
The National Bank of Abu Dhabi today reported a 25 per cent surge in customer deposits to $53 billion in 2012 as well as a 17 per cent jump in profits to $1.2 billion. Ranked among the 50 safest banks in the world and the safest in the Middle East this is what it means to be a safe haven from the Arab Spring.
CEO Michael Tomalin said: ‘Our growth was a result of the success of our diversified business model, investment gains driven by favorable financial market conditions and successful hedging strategies.
‘We also continued to expand our international presence by opening offices in China and Malaysia, and we have set a target of expanding internationally from 14 countries to 41 countries by 2022.’
Strong asset base
Loans and advances of $45 billion were more than comfortably covered by customer deposits and dwarfed by total assets of $82 billion. It is not hard to come up with the analysis to support NBAD’s reputation as the safest bank in the Middle East.
NBAD is essentially the bank of the Abu Dhabi Government so a historic record year for oil revenues will have also helped fill its coffers. Non-performing loans of 3.4 per cent of the loan book value are clearly not a worry.