Abu Dhabi (March 26th, 2013) – The National Bank of Abu Dhabi (NBAD), has received the approvals from the regulatory authorities to repay the remaining amount of AED3 billion to the UAE Ministry of Finance.
NBAD had received an amount of AED5.6 billion as part of the UAE Government’s support to the banking sector during the global financial crisis.
In line with its plan to repay the funds on a quarterly basis, beginning the third quarter of last year, NBAD repaid a total of AED2.6 billion in 2012. NBAD shall complete its obligations by repaying the remaining AED3 billion in equal installments in the first and second quarter of this year (2013).
“NBAD is most appreciative and thankful to the UAE Government’s support to the banking sector, which allowed the country to remain strong and avert the most severe conditions of the global recession,” said Michael H. Tomalin, the Group Chief Executive of NBAD.
NBAD’s repayment of the entire support almost four years ahead of schedule confirms the Bank’s robust financial standing and market position. The Bank is strongly capitalised; capital adequacy ratios remain strong and well above the minimum required by the UAE Central Bank, with a capital adequacy ratio of 21.0% and a Tier-I ratio of 17.2% by end of December 2012. NBAD earned AED4.3 billion in 2012, an increase of about 17% from 2011.