NBAD net profits zoom 166pc to Dh1.34 billion

ABU DHABI — National Bank of Abu Dhabi (NBAD) yesterday announced un-audited net profits of Dh1.338 billion for the first half of 2005, up 166 per cent over the comparable period of last year. It reported profits of Dh503 million in 2004.

By A Staff Reporter

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Published: Thu 7 Jul 2005, 10:32 AM

Last updated: Thu 2 Apr 2015, 4:37 PM

Annualised earnings per share of Dh2.84 represent 166 per cent increase over the corresponding period of 2004 of Dh1.07.

Total assets reached Dh65 billion with shareholders equity exceeding Dh6 billion.

These preliminary figures are subject to review by the external auditors and the final figures will be announced on July 19 along with a full trading statement.

Oil resurges above $60 on supply disruption fears

LONDON — Oil prices broke back above $60 a barrel yesterday, with a tropical storm in the oil-producing US Gulf of Mexico compounding worries over refiners’ ability to bolster pre-winter fuel supplies.

US crude oil futures gained 60 cents to $60.19 a barrel and London Brent rose 52 cents to $58.81 a barrel.

“The hurricane threat has certainly raised people’s fears of refiners struggling to produce enough products, particularly at a time when demand for gasoline is high,” said Daniel Hynes, resource analyst at ANZ Institutional Banking.

Hedge fund investors are betting peak winter demand will stretch supplies, particularly of heating oil and other high-demand distillate fuels.

Tropical storm Cindy is posing a threat to oil infrastructure in the Gulf of Mexico, home to a quarter of US oil and gas output. Tropical storm Dennis is also gathering strength in the Caribbean Sea.

The US federal Minerals Management Service said 3 per cent of daily Gulf oil and gas production had been shut as a precaution as energy companies evacuated some workers from platforms.

The US National Hurricane Center in Miami said it was the earliest date on record for four named tropical storms to have formed in the Atlantic basin, underscoring predictions that the 2005 hurricane season could be unusually active.

Robust demand helped bolster the average retail price for US gasoline to within a few cents of the all-time high and diesel fuel also hit a new record, the US government said this week.

Oil market sentiment may turn even more bullish if the preliminary forecast on weekly US crude stocks is proved correct. Stocks are expected to have fallen by 1.2 million barrels, according to a Reuters survey.

The US Energy Information Administration releases its report for the week to July 1 on Thursday.

The Organisation of the Petroleum Exporting Countries last week suspended talk of increasing production by a further 500,000 bpd, a decision, analysts said, had limited impact in a market supported by refinery bottlenecks rather than a shortage of crude.

Opec’s president said last week the group could bring on the extra production if prices rose back to $60 a barrel.

Despite signs that US demand is running strong, No2 oil consumer China has been showing signs of weaker-than-expected growth this year, data has shown.

Major Chinese refiners, who have been exporting unusually large volumes of gasoline and diesel this year, have cut back operating rates in July as soaring crude costs turn their margins negative for low, state-set domestic retail sales. — Reuters

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