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Net interest Income grew by 22% relative to first quarter of 2006 to AED 360 million, well supported by healthy growth in loans and customer deposits. Other income at AED 203 million in Q1 2007 was 41% higher (AED 59 million) than the same period last year, contributed to largely by increased fees and commission revenue from the strong growth of both Retail and Corporate businesses.
In addition, Total Assets of the Group increased by 6 % from AED 69 billion as at 31 December 2006 to AED 74 billion as at 31 March 2007. Loans and Advances now represent 63% of the asset base, having grown by 8 % to AED 47 billion as at 31 March 2007 from AED 43 billion as at 31 December 2006. Customer deposits rose from AED 45 billion as at 31 December 2006 to AED 49 billion as at 31 March 2007
"NBD's impressive Q1 performance is marked by robust, broad-based growth in all main areas of our business and we have continued to perform above expectations. We are very pleased with this continuing positive momentum and our focus for the year ahead continues to be building sustainable revenue streams, in addition to actively growing our business lines, such as investment banking,"
said R. Douglas Dowie, Group Chief Executive of National Bank of Dubai.
In other developments, Moody's recently upgraded National Bank of Dubai's Bank Financial Strength Rating (BFSR) from D+ to C-.
Posted by Anne-Birte Stensgaard, Senior News Editor
