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NBAD customer deposits jump 25% to $53bn as net profits jump 17% to $1.2bn

Posted 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.

Posted on 29 January 2013 Categories: Banking & Finance, GCC Economics, GCC Real Estate, GCC Stock Markets

1 Comment posted by readers:

Comment by John Mark - 29 January 2013

Yet the dollar is losing value month by month.

What is the point of having so much of your wealth tucked away in a bank, when, as it sits there, it is losing value day after day.

A loss of value not made up by interest payments, which are also being passed to you in devaluing currency.

Why doesn’t someone tell them, because they won’t be able to buy what they expect to when hyperinflation starts worldwide?

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