High-flying NBS boosts assets to record levels in Q3

Strong investment performance and sound growth in the financing portfolio and customers' deposits were highlights of a scintillating Q3 performance that saw annualised compound net profit growth maintained at more than 10 per cent.

Excluding one-off profit from the sale of investments in the same period last year, like-for-like net profit for the year to date was up 10.73 per cent to AED 71.41 million, before distribution to depositors.

Q3 net profit alone rose 27.1 per cent to AED 16.26 million compared to the same period last year, after depositors' distribution.

During the period, NBS launched a Retail Banking Division that now markets a suite of Sharia'a compliant products covering customer needs from Haj and Umrah finance to education costs. It has also stepped up its corporate banking and investment operations.

In September, the bank made a highly-successful debut on the Abu Dhabi Securities Market, becoming one of the most sought-after listings in the history of the exchange.

General manager Hussein Al Qemzi says the Q3 results underline the bank's determination to become a major player in Gulf and Middle East financial markets.
NBS q3 results 2

"Our expansion and diversification strategy is only just beginning to show results and our growth potential is still very strong," he commented. "NBS is committed to the principle of Islamic banking for all and this underpins our strategy to enlarge our market share, attract new customers in every area of our operations and expand our branch and ATM network in the UAE."