NBAD records Dh 3.656bn net profits in 9 months

The National Bank of Abu Dhabi (NBAD) earned Dh 3.656 billion for the first nine months ended 30th September 2013, up 13.8% from Dh 3.212 billion in the corresponding nine months of 2012. This represents diluted EPS of Dh 0.79 for 9M 2013 versus Dh 0.69 for 9M 2012. Net profits were down 8.0% to Dh 1.035 billion in Q3 2013 versus Dh 1.125 billion in Q3 2012, and were down by 14.6% as compared to Q2 2013. The annualised return on average equity for the first 3 quarters of 2013 was 15.1%, relatively in line with 15.3% for 9M 2012. Nasser Alsowaidi, Chairman of NBAD, said, "The first nine months demonstrate the strength of NBAD and our ability to deliver consistent results over time. We delivered strong revenue and earnings growth whilst maintaining our solid balance sheet and strong capital position." Alex Thursby, Group Chief Executive, said, "Our results for the first nine months of 2013 were solid. I have now laid out my strategy for the next 5 years, and we are beginning to gain momentum as we focus on being core to our chosen customers." "During the quarter, we were awarded the Sheikh Khalifa Excellence Award Diamond Category, which is a testament to our commitment to constant improvement. We were also upgraded to AA- from A+ by S'&'P several weeks ago, a notable event as we are now rated only one notch below the Government of Abu Dhabi's sovereign rating by all three major rating agencies. "Overall, we are well positioned for continued success in the future. I believe we have the right strategy in place and our challenge going forward will be to execute against that strategy," Thursby concluded.