National Bank of Yemen
The largest bank in Yemen, the National Bank of Yemen (NBY) produced outstanding figures for 2005 with an impressive 48.9% growth in net income and a high RoE, rising to 24.9% from 20.9% the previous year.
The good performance is attributed to excellent local resources, efficient management and a conservative lending policy that has resulted in improving asset quality and better results. The strong growth has continued into 2006 where net profits before tax grew by 38.8% for the first six months of the year.
Wholly owned by the government, NBY was incorporated in Aden in 1969 and has 28 branches across the country. Cyprus-based rating agency Capital Intelligence affirmed in October 2006 that the bank’s long and short-term foreign currency ratings were -B and B respectively, while the outlook remains “stable” with financial strength at BB. These ratings reflect the improvement of the bank’s overall financials, particularly profitability, asset quality and capitalisation.
Chairman Abdulrahman M Al-Kohali says: “Receiving The Banker award reflects NBY’s high standard of performance and competitive edge in all banking activities and practices. Such an achievement will constitute a driving force to proceed further in our development strategy to meet the needs of our customers, and confirms the confidence our customers have in us as a trusted, financial institution. The bank will continue in 2007 its bold and pioneering strategy which has positioned it as the first choice for customers in Yemen.”
