The figures releases by the National Bank of Abu for the first three months of 2010 show an impressive rise of their net profits and they were recorded to be a third higher than they were for the same period in 2009. Their total assets are now at Dh201 billion which is 2% higher when compared to the closing figure at the end of last year.
The loans and credit extended to customers for the first quarter was up by more than15% when compared to the first quarter of 2009. Deposits from customer was also up to Dh114.7 billion which was an increase of 17% and this jump in deposits was helped somewhat by the Ministry of Finance depositing Dh5.6 billion in the bank to be used as Tier II capital for the first three months of 2010.
The Chairman of the National Bank of Abu Dhabi said at present customer confidence is increasing but recovery is still very tentative and the banks now are primarily focusing on revenue from building projects and the bank is also concentrating heavily on improving and enhancing customer relations. He says the bank is now also confident that their future growth success will be largely dependent on sustainable growth and investing in new staff, IT systems and the regions infrastructure and it will be these factors combined that will ensure long term recovery and continued stability.Paul Holdsworth, Staff Writer, Gulf Jobs Market News