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Sun 13 Mar 2011 07:09 PM

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Abu Dhabi's NBAD has $400m exposure to Egypt, Libya

UAE's second largest lender says it is not worried by exposure to protest-hit Arab countries

Abu Dhabi's NBAD has $400m exposure to Egypt, Libya
National Bank of Abu Dhabi has a $377m exposure to Egypt and $51m to Libya, but the lenders CEO said this was not cause for concern.
Abu Dhabi's NBAD has $400m exposure to Egypt, Libya
Egyptian workers shout slogans during strike walkouts
Abu Dhabi's NBAD has $400m exposure to Egypt, Libya
Libyan rebels attack government troops as a natural gas facility burns on the frontline on March 9, 2011 near Ras Lanuf, Libya.

National Bank of Abu Dhabi has a $377m exposure to Egypt and $51m to Libya, but the lender's CEO said this was not cause for concern.

The exposure to Egypt is mainly to international companies and some UAE companies while the Libyan exposure is to banks there, Michael Tomalin said on Sunday.

"The exposures are well covered and our Egypt operations are self-funding. Whatever happens to Egypt, we are confident things will work out," Tomalin said on the sidelines of the bank's annual general meeting.

"We have no problem exposure to Egypt," he added.

NBAD, the second largest lender by assets in the United Arab Emirates, expects net profit to grow more than four-fold to AED16bn ($4.36bn) by 2020, the bank's chairman said at the meeting.

"By 2020 we aim to earn net profits of AED16bn at a compound average growth rate of 16 percent per annum," Nasser al-Sowaidi said.

The bank earned a net profit of AED3.68bn in 2010.

NBAD expects to play an active part in big projects which are part of Abu Dhabi's 2030 development plan, he said.

The bank's net asset value per share is expected to grow to AED35 in 2020 from AED8.04 in 2010, he said.

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