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National Bank of Dubai also announced that the balance sheet for 2005 stands at AED 51.4 Billion which represents a growth of 27.7% (AED 11.1 Billion) over 2004 level of AED 40.3 Billion. The Bank's balance sheet has grown by 82% in the last 5 years.
The Bank's loans and advances increased by AED 11.3 Billion to 27.9 Billion which now represents 75% (53% in 2004) of total deposits and 55% (42% in 2004) of total assets. Despite growth of the loan portfolio the Capital Adequacy Ratio stands at 18.3% as at 31 December 2005, well above the UAE central Bank requirement of 10%.
National Bank of Dubai commented that the interest rate environment changed during 2005 and US Dollar rates moved up during the year. This reduced the Net Interest Margin, but was compensated for by a substantial increase in the Loan portfolio, both Corporate and Retail. As a result, business returns continued to improve. Return on Average Capital Employed increased from 10.77% in 2001 to 22.58% in 2005 - a growth of 110% whereas Return on Average Assets increased from 1.49% in 2001 to 2.41 % in 2005, representing a growth of 62%.
On this occasion, Mr. Abdullah Mohamed Saleh, the Chairman of National Bank of Dubai stated;
"The 2005 annual results reflect sizeable growth in all business segments, on going introduction of several strategic initiatives in combination with a continuing prudent management philosophy, will ensure that the Bank continues to generate sustainable growth in both business and profitability."
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Posted by Janeta Novakovic, Assistant News Editor
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