The Asian Banker magazinenamed the National Bank of Abu Dhabi (NBAD) the winner of “The Strongest Bank Balance Sheet in the UAE for 2013.” The accoladerecognisedNBAD’s strong financial standing, robust business model,and long-term profitability.
The Singapore-based publisher’s annual ranking of the Strongest Bank Balance Sheet determines the ranking by using a very detailed and transparent scoreboard that assesses a bank’s ability to scale, balance sheet growth, risk profile, profitability, asset quality, and liquidity.
The ranking is used by investors, analysts and the media to assess the financial strength of a company.
“This ranking confirms NBAD’s strong fundamentals and more importantly our capabilityto grow and influence as a leading financial institution in the growing trade and commercial flow in West-East Corridor, the new super region that extends from West Africa to East Asia,” says Alex Thursby, the Group Chief Executive Officer of NBAD. “I thank The Asian Banker for establishing this important ranking. We are pleased that our successful business model is recognised by a ranking that is based on rigorous quantitative assessment.”
Mr. Thursby continues: “Our objective is to capitalise on our strengths and the market’s confidence in us for greater growth.”
In August, Global Finance, the international financial magazine, ranked NBAD one of the World’s 50 Safest Banks for the fifth consecutive year, andthe safest bank in the Middle East.
NBAD’s long term ratings are amongst the strongest combined ratings of any financial institution in the MENA region with ratings from Moody’s Aa3, Standard & Poor’s (S&P) A+, Fitch AA-, RAM (Malaysia) AAA, R&I’s (Japan) rating of A+.
In addition to strong ratings, NBAD continues to deliver good financial results. In 2010, NBAD became the first UAE bank to earn more than US$1billion in annual net profits.
“NBAD owes its strength position and market reputation to its prudence exercised in the conduct of business. The Bank remained true to its principle of using balance sheet to support customers. NBAD’s financial strength has allowed us to continue doing business and expand,” says Abdulla M.S. AbdulRaheem, the Deputy Group Chief Executive of NBAD.
The Asian Banker’s ranking is based on its rigorous quantitative assessment of financial performance of banks in Asia Pacific and Middle East. The six indicators that were examine to make the ranking are: 1) the scale of a bank’s assets relative to domestic GDP, 2) balance sheet growth of net loans and deposits, 3) risk management of a bank’s operations, 4) profitability and sustainability, 5) strength and credibility of loans disbursed, and; 6) liquidity of assets to meet negative events requiring cash flow.
NBAD plans to continue growth at home and in the GCCand to expand in the largest and fastest growing economies in the West-East Corridor.
NBAD network of 17 countries is the largest international network among UAE banks.
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