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NBAD profit hits Dh1b mark
T. Ramavarman / 28 April 2010
ABU DHABI — The net profit of the National Bank of Abu Dhabi, or NBAD, has shot up to about Dh1.03 billion in the first quarter of the current year, the highest figure ever achieved by the bank in a single quarter.
This is a 34 per cent jump from the 2009 figure of Dh770 million, NBAD said in a statement posted on the Web site of Abu Dhabi Securities Exchange. The bank also earned a net profit of Dh429 million in the last quarter of 2009.
Net impairment charges for the first quarter this year were Dh225 million, and out of this, collective provisions were Dh55 million, specific provisions and write-offs were Dh208 million, offset by recoveries of Dh38 million, the release said.
The bank’s annualised diluted earnings for the just-concluded quarter was Dh1.67 per share.
NBAD had a non-performing loans, or NPL, ratio of 1.3 per cent at the end of Mach 31, and out of the total loan portfolio of Dh134 billion, loans of Dh1.78 billion were at the impaired loans category.
The release said NBAD has made a collective provision of Dh1.66 billion, representing 1.25 per cent of credit-risk weighted assets. NPLs are 161 per cent covered with specific provision cover of 67 per cent which is up from 62 per cent at year-end.
The NPL ratio might go up to two per cent by the end of the year, but the bank had made enough provisions for this, said NBAD group chief executive Michael Tomalin, while responding to questions at a media conference call.
The bank’s total revenue from diversified income sources was Dh1.77 billion in the first quarter, marking a 23 per cent from 2009 figures, and 11 per cent from the last quarter of 2009.
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