Annualised earnings per share were Dh 2.87, 153 per cent above the corresponding period of 2004. The annualised return on equity reached 45 per cent compared with 23 per cent in 2004.

For the third quarter, net profits were up 131 per cent on the corresponding quarter of 2004 reflecting strong performances and increased recoveries. "We are delighted with this outstanding record breaking performance driven by the underlying strong performance of our domestic and investment banking businesses, and the growth in the UAE economy and local stock market", said Michael H. Tomalin, Chief Executive of NBAD. The strength of the local stock market contributed to exceptional results in the bank’s asset management and brokerage businesses", added Michael Tomalin.

Total assets reached a record Dh77 billion at the end of the 3rd quarter of 2005, up 56 per cent over the same period for 2004, with customer deposits and loans up 48 per cent and 33 per cent respectively.  Shareholders’ equity reached Dh6.8 billion entirely from retentions. Operating income for the first three quarters of 2005 was Dh2.6 billion including non-interest income of Dh1.4 billion, 197 per cent up on the corresponding period in 2004 reflecting the focus on diversifying our fee earning sources.

Overall, operating income rose 125 per cent year on year, outpacing the expense growth of 29 per cent, resulting in the cost-income ratio improving from 29 per cent in the first three quarters of 2004 to 17 percent in the same period of 2005. Going forward, the bank will continue to invest, as planned, in infrastructure, systems, network and people and manage the bank at a cost-income ratio of 35 per cent over the economic cycle. Domestic Banking profits were up 127 per cent and Investment Banking 462 per cent over the counter period in 2004, Investment banking earnings were strongly influenced by the performance of the broking and asset management businesses which both benefited from active and rising local stock markets. 

Net impaired asset provisions were Dh119 million at the end of the 3rd quarter of 2005 due to portfolio provision created as a prudent measure and to reflect the growth of our credit portfolio. Overall, provisions are modest in comparison with the size of the Bank’s business and reflect our relatively conservative credit strategy.

NBAD received the best "e-banking in the Middle East" award in recognition of technological innovation. Looking forward, Tomalin said, "These first class results are substantially above trend line and are not sustainable in the medium term at these levels, being flattered by strong local equity markets.

Nevertheless, the bank’s underlying performance continues to be strong, and the result for the full year is likely to demonstrate this. The bank remains well positioned to take advantage of current growth opportunities and play a significant part in the economic development of the nation".