National Bank of Abu Dhabi (NBAD), the biggest bank in the UAE by market capitalisation, said its 2013 profit rose 9.3 per cent, driven by higher income from interest and fees as loans grew amid an economic rebound.
Net profit rose to Dh4.73 billion from Dh4.33bn in 2012, while in the fourth quarter profit dropped 3.9 per cent to Dh1.08bn compared with the same period in 2012, the bank said yesterday. Loans advanced 11.7 per cent to Dh183.8bn, while customer deposits increased 10.9 per cent to Dh211.1bn.
"Our results in 2013 were solid, and we are beginning to see momentum increase as we execute against our five-year strategic plan," said Alex Thursby, NBAD's chief executive. "We have laid out a new mission to be 'core to our chosen customers', and we are now focused on capitalising on our unique positioning at the heart of the 'West-East Corridor'."
Mr Thursby said that in 2014 there will be several trends, including record low interest rates and stimulus by major central banks, that will be favourable for near -term economic growth.
The UAE will continue to leverage its haven status in the Middle East. Along with the UAE's inclusion in the MSCI Emerging Market index, that will be a further boost to economic growth, he said.
The bank's board of directors recommended a cash dividend of 40 fils per share and a stock dividend of one bonus share for every 10 held, subject to approval by shareholders and the Central Bank, Mr Thursby said.
Separately, Reuters reported yesterday, citing two sources, that NBAD had appointed James Burdett, previously a senior executive at Australia & New Zealand Banking Group, as its group chief financial officer.
Mr Burdett was the CFO for international and institutional banking at ANZ and has resigned from the Australian lender, the sources said, requesting anonymity as the matter is not yet public.
The sources said Mr Burdett was expected to join NBAD soon. A spokesman for NBAD was not immediately available to comment.
NBAD appointed Mr Thursby, previously the chief executive for international and institutional banking at ANZ, as its CEO in July.
Since assuming office, he has outlined a bold plan for the bank that includes tapping a US$137bn commercial banking market in emerging markets, beefing up the bank's consumer division in the UAE and the Arabian Gulf, and building a retail franchise in select developing countries.
mkassem@thenational.ae
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UAE currency: the story behind the money in your pockets
Dr Afridi's warning signs of digital addiction
Spending an excessive amount of time on the phone.
Neglecting personal, social, or academic responsibilities.
Losing interest in other activities or hobbies that were once enjoyed.
Having withdrawal symptoms like feeling anxious, restless, or upset when the technology is not available.
Experiencing sleep disturbances or changes in sleep patterns.
What are the guidelines?
Under 18 months: Avoid screen time altogether, except for video chatting with family.
Aged 18-24 months: If screens are introduced, it should be high-quality content watched with a caregiver to help the child understand what they are seeing.
Aged 2-5 years: Limit to one-hour per day of high-quality programming, with co-viewing whenever possible.
Aged 6-12 years: Set consistent limits on screen time to ensure it does not interfere with sleep, physical activity, or social interactions.
Teenagers: Encourage a balanced approach – screens should not replace sleep, exercise, or face-to-face socialisation.
Source: American Paediatric Association
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Tax authority targets shisha levy evasion
The Federal Tax Authority will track shisha imports with electronic markers to protect customers and ensure levies have been paid.
Khalid Ali Al Bustani, director of the tax authority, on Sunday said the move is to "prevent tax evasion and support the authority’s tax collection efforts".
The scheme’s first phase, which came into effect on 1st January, 2019, covers all types of imported and domestically produced and distributed cigarettes. As of May 1, importing any type of cigarettes without the digital marks will be prohibited.
He said the latest phase will see imported and locally produced shisha tobacco tracked by the final quarter of this year.
"The FTA also maintains ongoing communication with concerned companies, to help them adapt their systems to meet our requirements and coordinate between all parties involved," he said.
As with cigarettes, shisha was hit with a 100 per cent tax in October 2017, though manufacturers and cafes absorbed some of the costs to prevent prices doubling.
Conflict, drought, famine
Estimates of the number of deaths caused by the famine range from 400,000 to 1 million, according to a document prepared for the UK House of Lords in 2024.
It has been claimed that the policies of the Ethiopian government, which took control after deposing Emperor Haile Selassie in a military-led revolution in 1974, contributed to the scale of the famine.
Dr Miriam Bradley, senior lecturer in humanitarian studies at the University of Manchester, has argued that, by the early 1980s, “several government policies combined to cause, rather than prevent, a famine which lasted from 1983 to 1985. Mengistu’s government imposed Stalinist-model agricultural policies involving forced collectivisation and villagisation [relocation of communities into planned villages].
The West became aware of the catastrophe through a series of BBC News reports by journalist Michael Buerk in October 1984 describing a “biblical famine” and containing graphic images of thousands of people, including children, facing starvation.
Band Aid
Bob Geldof, singer with the Irish rock group The Boomtown Rats, formed Band Aid in response to the horrific images shown in the news broadcasts.
With Midge Ure of the band Ultravox, he wrote the hit charity single Do They Know it’s Christmas in December 1984, featuring a string of high-profile musicians.
Following the single’s success, the idea to stage a rock concert evolved.
Live Aid was a series of simultaneous concerts that took place at Wembley Stadium in London, John F Kennedy Stadium in Philadelphia, the US, and at various other venues across the world.
The combined event was broadcast to an estimated worldwide audience of 1.5 billion.
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UAE currency: the story behind the money in your pockets
