Financial and Banking News
NBAD Profits Plummet Despite Heavy Government Lending
Profits at the National Bank of Abu Dhabi (NBAD), the biggest bank in the UAE, dropped 88% below their 1983 levels to Dh12.7mn in 1985, according to results published last week. Net profits in 1984 had been Dh37.3mn. The large drop occurred as a result of an increase in loan loss provisions from Dhl32.3mn in 1984 to Dh206.4mn in 1985. Net interest income also dropped 13Z during 1985. Total...