NBAD Launches Overseas Expansion Drive
National Bank of Abu Dhabi, the nation's second-largest bank by assets, is introducing a major overseas expansion drive, with the aim to double its operations in Egypt and penetrate the fast-growing Indian market.
NBAD has decided to enlarge its network of 28 branches in Egypt to 50 outlets by fiscal 2013.
Despite economic uncertainties in the worldwide economy, NBAD has continued to achieve "good results" and will press ahead with its proposals for expansion.
The bank posted a net profit of Dh 907 million in the second three month period, up 17.7% from the first quarter, on the back of strong revenues. However, earnings have witnessed a slump of 9.4% in the quarter from Dh 1 billion a year ago.
At present, NBAD is having a total of 46 branches in ten countries in Asia, the Middle East and Europe. Within the Gulf, it has one branch each in Kuwait and Bahrain and eight branches in Oman. The bank envisages to establish three more branches in Oman by coming year.
According to sources, NBAD has three outlets in Sudan, where the bank aspires to be one of the top financial institutions in the market. Earlier this year, the government-owned bank set up a representative office in Libya, with the aim of strengthening its presence in that country and North Africa.
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