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The meeting, held under the chairmanship of H.E. Khalifa Mohammed Al Kindi, Chairman of the NBAD Board, authorized the board to take the necessary steps to set the Scheme in progress.
"NBAD's Staff Share Option Scheme, one of the first in Abu Dhabi, is an added proof that NBAD is committed to employing and rewarding top talent and treating its key staff more like owners than employees. The scheme aims to retain the Bank's best employees and attract new hires to NBAD,"
said Mr. Michael Tomalin, NBAD's Chief Executive.
"We value our people. They are the key asset of our business. At NBAD, people will harvest what they cultivate; we reward and encourage hard workers, innovators, and those committed to our business. This is to ensure that best products and services are delivered by the best banking professionals to our esteemed customers. This scheme is a part of a long term incentives plan to reward our employees for their performance," Mr. Tomalin explained.
NBAD reported a net attributable profit of Dhs875m in the first quarter of 2008, 45% up on the corresponding quarter of 2007. Operating profit, before provisions and tax, was Dhs958m, 56% above the first quarter 2007.
Total assets reached Dhs157bn, up 41% from March 2007. Loans and advances to customers reached Dhs93bn, up 51% on the 31 March 2007 while deposits rose 29% over the year to Dhs92bn.
"NBAD's financial results in 2007 and first quarter 2008 were solid and a continuation of our good performance since 1999. The return on equity of 29.7% in the first quarter is one of the best in the industry, both locally and internationally, and in line with our 25% medium term objective," he added.
"We appreciate efforts exerted by our staff to keep us in the forefront among the leading local and regional banks and expect to continue our positive growth in 2008. Although we have done well, there remains a great opportunity to grow much larger still," Michael Tomalin, NBAD's Chief Executive concluded.
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Posted by Siba Sami Ammari
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