In the same period Total Assets grew by AED10.1 billion (19.7%) over December 2005. This included an element of IPO related advances which, if excluded, outturned an adjusted Loans and Advances growth of 16%.
"This performance reflects our commitment to procure sustainable profit growth that has seen our ROE improve further from 17.80% in the first quarter 2005 to 20.14%"
said Douglas Dowie, CEO of National Bank of Dubai "We are very pleased with this continuing momentum and have high expectations for the remainder of the year".
National Bank of Dubai also announced that at its regular meeting on 26th April 2006 the bank's Board of Directors decided to recommend to shareholders, a share split reducing the nominal value of the bank's shares from AED10 to AED1, subject to regulatory approvals being received.
In other developments National Bank of Dubai is establishing an Investment Banking subsidiary in the DIFC and has received initial approval from the Central Bank to establish an Islamic Finance company subsidiary. Further announcements of these and other initiatives are expected to follow shortly.
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