National Bank of Abu Dhabi
With a strong overall performance, National Bank of Abu Dhabi (NBAD) snatched the bank of the year award this year from a number of powerful contenders. The bank retained its position in 2003 as the UAE’s largest bank (in asset terms) and achieved impressive growth in terms of profitability and retail expansion. Net profits grew by 23.1% and return on equity rose to 21.1%, making NBAD the country’s most profitable bank in absolute and relative terms. The bank, which has the largest branch network (57) and largest ATM network (114), also increased its retail market share from 10.7% to 10.9% and managed to improve efficiency, lowering its cost/income ratio to 32.8%, below the industry average of 35%. NBAD introduced over 15 new retail products and maintained its role as the UAE’s largest stockbroker, with a 25% market share. “The National Bank of Abu Dhabi charted a very challenging course in 1999, by embarking on a five-year rolling strategic plan with the objective of developing the bank at the cutting edge of financial innovation in the Gulf,” says chief executive Michael H Tomalin. “I am pleased to note that we are on track. Today, NBAD is the largest bank in UAE, both in terms of assets, profits and profitability.”