NBAD HOSTS MAJOR IMF RECEPTION AND PROVIDES UPDATE OF ITS FIVE-YEAR STRATEGY AS THE UAE’S LARGEST AND LEADING BANK
September 28, 2003 (Press Release) --
Dubai: September 2003: In the face of the International Monetary Fund's Dubai 2003 meetings, the United Arab Emirates leading bank hosted a major reception for delegates to highlight Arabian tradition to representatives from the world’s most powerful financial fraternity.
NBAD Chief Executive Mr Michael H Tomalin said: “NBAD wanted to provide our international visitors with a true flavour of the history and culture of the UAE, and to provide an insight into how the UAE has evolved into the thriving business hub it is today.”
NBAD’s event hosted more than 1000 delegates and treated them to a traditional Arabian experience featuring Bedouin-style Ayyala and Harbiya bands. Inside Emirates Towers Godolphin Ballroom, a 10-metre Arabic-style tent featured falconers and traditional village activities. NBAD will also host on September 25, a special IMF reception at its headquarters at the landmark One NBAD Tower in Abu Dhabi.
As a part of the event, Mr Tomalin also welcomed the timely release of the Moody’s Investors Service Analysis Report which upgraded the Bank’s key financial strength. The upgrade is based on the Bank’s improving financial fundamentals, its increasing earning power, satisfactory asset quality and adequate capital position. The report stated that NBAD management’s increased focus on the level and quality of earning has resulted in a significant improvement in the bank’s earning power during the last few years.
In June, the rating agency Capital Intelligence upgraded the Bank’s long term foreign currency rating to A+ and short term to A1, which is the highest assigned to UAE banks.
“This is particularly timely news and reiterates the strength of NBAD’s five-year strategy – now in its fourth year - to increase its return on equity and to put customers at the heart of its business,” Mr Tomalin said.
NBAD declared growth of 19 percent in net profit for the first-half of 2003 to AED393 million from AED 331 million in the same period for 2002. Annualized earnings per share are AED8.34 compared to AED7.04 in the corresponding period in 2002.
Media contact:
Carolyn Deed
TBWA|RAAD
Email: carolyn@tbwaraad.com
Dubai: September 2003: In the face of the International Monetary Fund's Dubai 2003 meetings, the United Arab Emirates leading bank hosted a major reception for delegates to highlight Arabian tradition to representatives from the world’s most powerful financial fraternity.
NBAD Chief Executive Mr Michael H Tomalin said: “NBAD wanted to provide our international visitors with a true flavour of the history and culture of the UAE, and to provide an insight into how the UAE has evolved into the thriving business hub it is today.”
NBAD’s event hosted more than 1000 delegates and treated them to a traditional Arabian experience featuring Bedouin-style Ayyala and Harbiya bands. Inside Emirates Towers Godolphin Ballroom, a 10-metre Arabic-style tent featured falconers and traditional village activities. NBAD will also host on September 25, a special IMF reception at its headquarters at the landmark One NBAD Tower in Abu Dhabi.
As a part of the event, Mr Tomalin also welcomed the timely release of the Moody’s Investors Service Analysis Report which upgraded the Bank’s key financial strength. The upgrade is based on the Bank’s improving financial fundamentals, its increasing earning power, satisfactory asset quality and adequate capital position. The report stated that NBAD management’s increased focus on the level and quality of earning has resulted in a significant improvement in the bank’s earning power during the last few years.
In June, the rating agency Capital Intelligence upgraded the Bank’s long term foreign currency rating to A+ and short term to A1, which is the highest assigned to UAE banks.
“This is particularly timely news and reiterates the strength of NBAD’s five-year strategy – now in its fourth year - to increase its return on equity and to put customers at the heart of its business,” Mr Tomalin said.
NBAD declared growth of 19 percent in net profit for the first-half of 2003 to AED393 million from AED 331 million in the same period for 2002. Annualized earnings per share are AED8.34 compared to AED7.04 in the corresponding period in 2002.
Media contact:
Carolyn Deed
TBWA|RAAD
Email: carolyn@tbwaraad.com
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