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Monday, November 23 - 2009

National Bank of Dubai announces first quarter results and plans for 2006

  • United Arab Emirates: Saturday, April 29 - 2006 at 15:48
  • PRESS RELEASE

National Bank of Dubai reported a net profit of AED257 million for the first quarter of 2006, 21.2% ahead of the same period last year as the bank's core businesses continued to show satisfying growth in a still buoyant economy.

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  • Douglas Dowie, CEO of National Bank of Dubai
    Douglas Dowie, CEO of National Bank of Dubai
Net profit comparison excludes a one-off exceptional gain in first quarter 2005 from sale of investment securities.

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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Notes and media contacts

About National Bank of Dubai
Founded in 1963, the National Bank of Dubai is the oldest, locally incorporated bank in the Southern Gulf. Recognized as the bank with a performance that is second-to-none, NBD has built a reputation of stability and strength much appreciated by shareholders and customers alike.

Offering diversified financial services, NBD is a leader in corporate banking. Its portfolio covers a wide range of services including transport, real estate, construction, manufacturing, tourism and service industries throughout the region. In addition, NBD's 'Private Office' provides private banking services, offering highly tailored solutions to preserve and protect the personal wealth of its customers. Along with supplying customers with a variety of exclusive service based products, secured facilities, Credit Cards, personal loans, , auto loans and home loans, the National Bank of Dubai also offers a variety of treasury products and services, advising customers on exchange markets and interest rate outlook. NBD, also recently launched Suhail Priority Banking Services, a premier banking service offering customers personalized relationship management and a host of exclusive products and services. Furthermore, NBD presents their customers with automated banking services, which consist of an internet service (NBD Online), a telebanking facility (NBD Telebank), and an SMS based service (NBD Mobile). With a comprehensive card portfolio that provides an array of benefits, the National Bank of Dubai has, over the years, built a wide ATM network as well as Point of Sale terminals in select locations throughout the UAE.

The National Bank of Dubai currently has an extensive branch network that includes 39 branches throughout the UAE. In addition, NBD also has a branch in London and a representative office in Tehran.

Press release issued on behalf of the National Bank of Dubai by Hill & Knowlton, Dubai.
For further media information please contact:
Nada Lotfy
Tel: +971 4 3344930
Fax: +971 4 3344930

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