NBD posts strong first half net

National Bank of Dubai is the latest Dubai-based bank to register a big increase in first half profits.

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By  David Ingham Published  July 27, 2003

National Bank of Dubai(NBD) reported a net profit of Dhs331.4 million for the first half of 2003, a rise of 21.6% year on year.

Net interest income grew 15% to reach Dhs418 million and other income grew 59% to reach Dhs147 million.

Loans and advances reached Dhs10.08 billion, up from Dhs9.23 billion on December 30, 2002.

NBD isn’t the first of Dubai’s banks to post strong first half results, despite the uncertainty that gripped the region at the start of the year.

Mashreqbank reported a first half net profit of Dhs270 million, up 18.4% year on year.

Dubai Islamic Bank also reaped the benefit of its vigorous media and marketing activity. Its first half net profit was Dhs325 million, a rise of 14% year on year. Customer deposits grew from Dhs15.8 billion a year ago to reach Dhs19.9 billion, 23% growth.

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