Financial and Banking News
NBAD and MEB Show Profit Increases
Two more UAE banks have reported increased profits for 1989. National Bank ofAbu Dhabi (NBAD) has declared profits of Dh107.3mn, up 24% on 1988, whileDubai-based Middle East Bank (MEB) has declared profits of Dh8.7mn, an increaseof 140%. Both banks showed increased operating income, but their level ofprovisions remained high and profitability ratios stayed low compared to otherGulf banks.