Disclaimer - Personal Banking · 1,550 2,658 3,664 3,961 245 848 1,604 1,892 1,976 859 1,072 ... by...

Disclaimer

The information contained herein has been prepared by National Bank of Abu Dhabi P.J.S.C (“NBAD”). NBAD relies on information

obtained from sources believed to be reliable but does not guarantee its accuracy or completeness.

This presentation has been prepared for information purposes only and is not and does not form part of any offer for sale or

solicitation of any offer to subscribe for or purchase or sell any securities nor shall it or any part of it form the basis of or be relied on

in connection with any contract or commitment whatsoever.

Some of the information in this presentation may contain projections or other forward-looking statements regarding future events or

the future financial performance of NBAD. These forward-looking statements include all matters that are not historical facts. The

inclusion of such forward-looking information shall not be regarded as a representation by NBAD or any other person that the

objectives or plans of NBAD will be achieved. NBAD undertakes no obligation to publicly update or publicly revise any forward-

looking statement, whether as a result of new information, future events or otherwise.

2

Contents

Salient features of 1st Quarter 2011 results

1st Quarter - Highlights

Operational review

Outlook

3

Salient features of 1Q 2011 results

Net profits for the quarter at AED 927 million up 27% on 4th quarter profits of 2010

1st quarter profits lower by 10% year-on-year due to higher provisions

Top-line Revenues, Assets, Loans and Deposits – at record levels

Return on shareholders’ funds at 17.2%

Strong balance sheet growth and adequately liquid for further growth

4

1Q 2011 – Balance sheet highlights

Consolidated

Balance Sheet

31 Mar„11

(AED bn)

% chg (vs Dec„10)

% chg (vs Mar„10)

Assets 233.5 10% 16%

Loans & Advances 143.2 5% 7%

Customers' Deposits 141.1 15% 23%

Shareholders‟ funds* 20.1 15%

Total Capital

resources32.4 9%

Assets up by 10.4% in the quarter mainly driven

by the growth in deposits

Loans and advances up 4.7% in the quarter

Customer deposits jumped 14.6% in the quarter

compared to the year end

Capital resources stable after payment of

dividends - AED 120mn on GoAD Tier-I capital

notes and AED 718mn to shareholders as a cash

dividend for 2010

* Excludes AED 4bn Government of Abu Dhabi (GoAD) Tier-I capital notes

5

1Q 2011 – Income statement highlights

Consolidated Income

Statement

1Q 2011

(AED mn)

1Q 2010

(AED mn)% chg

Operating Income 1,881 1,772 6%

Operating expenses 566 494 15%

Operating Profits 1,315 1,278 3%

Impairment charges, net 365 225 62%

Net profits 927 1,031 10%

Operating income up by 6% on higher net interest

income (up 11%), however, partly offset by lower

non-interest income (down 6%)

Operating expenses rose by 15% on organic

growth and continued investment in our businesses;

cost-income ratio at 30.1% still within the cap of

35%

Impairment charges were higher due to

conservative provisioning – higher collective and

specific provisions

Net profits lower mainly due to higher provisions;

though top line revenues, operating profits at record

levels

6

Consolidated Income Statement1Q 2011

(AED mn)

4Q 2010

(AED mn)

% chg (QoQ)

Operating income(net interest income , net income from Islamic financing, fees and

commissions & other non-interest income)

1,881 1,818 4%

Operating expenses (566) (632) (10)%

Operating Profits 1,315 1,186 11%

Impairment charges, net (365) (424) (14)%

Overseas tax expense (23) (30) (24)%

Net profits 927 732 27%

1Q 2011 vs 4Q 2010 – Comparision

7

Composition of Assets – AED 233bn (1Q 2011)

Key points

• NIMs* at 2.48% in 1Q‟11, almost matching levels of 1Q‟10;

lower than 2.57% for the full year 2010

• Regulatory loans to stable resources ratio within stipulated

UAE Central Bank cap

• Optical loans to deposits ratio at 102% at 1Q‟11; emphasis

on increasing stable/medium-term borrowings

Loans & Customer Deposits (AED bn)

* Deposits excludes AED 5.6bn Ministry of Finance deposits converted into Tier-2 capital in 1Q’10

Assets (AED bn) and Net Interest Margins* (%)

* Based on period end figures for Net Interest Income (annualised) and Average Assets for the

period

Operational review 1Q 2011- Assets

8

201 202 213 211 233

2.49% 2.54% 2.60% 2.61% 2.48%

1Q'10 2Q'10 3Q'10 4Q'10 1Q'11

Assets NIM % Cash & bal with central

banks9%

Due from banks & Reverse

repos15%

Investments11%

Loans61%

Fixed & Other

assets, 4%

132 134 135 139 137 143

116 115 112120 123

141

2009* 1Q'10 1H'10 9M'10 2010 1Q'11

Loans Deposits Deposits + MTBs

Capital resources (AED Bn)

• Capital resources at AED 32.4bn comprise of :

- Equity of AED 24.1bn (without any property revaluation gains) includes AED 4bn Govt of Abu Dhabi Tier-I capital

notes: non-dilutive, non-cumulative, perpetual; issued in March 2009

- Subordinated convertible notes (AED 8.3bn)

• Among the lowest leverage ratios (assets to capital resources) at 7.2x

• Capital adequacy ratios are well above the minimum required by the UAE Central Bank and Basle-3

9.0 11.2

14.4

20.4

24.1

24.1(1Q‟11)

11.4

13.7

17.4

23.3

32.4 32.4(1Q‟11)

2006 2007 2008 2009 2010

Equity Total Capital Resources

CAGR 2006-1Q‟11: 28%

Operational review 1Q 2011 - Capital

9

Operational review 1Q 2011 - Provisions & NPLs

Key Points

• NPLs increased by AED 526mn in the quarter to AED 3,775mn from AED 3,249mn at end-2010

• NPLs ratio at 2.56% at the end of 1st quarter (2.3% at end-2010)

• Collective provisions of AED 1,976mn represents 1.39% of credit risk weighted assets (target – 1.5% by 2014 as per UAE

Central Bank requirements)

• Specific provisions at 52.6% as a percentage of NPLs at the end of 1st quarter (2010 – 54.5%), excluding collaterals

Impairment charge & Addition to NPLs (AED mn)

* Net of recoveries, write-backs and write-offs and includes provision on investments

Provisions* & NPLs (AED mn)

* Provisions on loans and advances - excludes all other provisions

910

1,550

2,658

3,6643,961

245848

1,6041,892 1,976

859

1,072

1,687

3,249

3,775

2007 2008 2009 2010 1Q '11

Total Provisions

Collective Provisions

NPLs

225 238

320

424 365

55 25 32 175 84

92

295

488

688

526

1Q'10 2Q'10 3Q'10 4Q'10 1Q'11

Total Impairment charges, net*

Collective prov charges

Addition to NPLs

10

Net profits (AED mn)

• Net profits higher by 27% over 4Q’10; lower by 10% YoY* Annualised

2,505

3,019 3,020

3,683

927 1,031

2007 2008 2009 2010 1Q 2011 1Q 2010

Cost to Income ratio (%)

• Ratio remains within our medium-term cap of 35%, while organic

growth continues

Return on Shareholders’ Funds* (%)

• In line with 20% target for the medium-term* Annualised; Excludes AED 4bn Tier-I capitlal and its annual dividend of AED 240mn

Operating income (AED mn)

• 11% growth in net interest income in 1Q’11 over 1Q’10

Operational review 1Q 2011 - Income statement

CAGR* 2006-1Q‟11: 12%

Medium-termTarget 20%

26.3%24.8%

19.3% 19.3%17.2%(1Q‟11)

15%

25%

35%

Dec-07 Dec-08 Dec-09 Dec-10

28.8%

28.2%

29.7%

30.5%

30.1%(1Q‟11)

Medium-term Cap, 35%

15%

25%

35%

45%

Dec-07 Dec-08 Dec-09 Dec-10

11

5,301

6,3997,288

32%29%

26%

68% 71%74%

2008 2009 2010

Fees,Commissions & other non-interest income

Net interest income & net income from Islamic financing

1,772 1,881

30%27%

70% 73%

1Q'10 1Q'11

Operational review 1Q 2011 - Segmental analysis

Operating profits 1Q 2011 - AED 1,315mn

Division Operating Profits

Domestic Banking 287.2

International Banking 170.7

Financial Markets 193.6

Corporate & Investment Banking 600.1

Global Wealth 9.5

Islamic Business 35.9

Head Office 18.3

AED Mn

CIB 45.6%DBD 21.8%

IBD 13%

GW 0.7%

FMD 14.7%

Islamic 2.7%HO 1.4%

12

Outlook

“Although net profits for the current quarter are below the first quarter of 2010 as a result of higher provisions;

top line revenues, operating profits, assets, loans and deposits are all at record levels. The Group remains well

placed and continues to invest in its people, network, systems and brand.”

- Michael H Tomalin

Group Chief Executive

Loan growth target around 8-10% for 2011; NPLs forecasted to stabilise at end-2011

Gradually increasing collective provisions to 1.5% of Credit RWAs by 2014 in line with UAE

Central Bank directives

Organic growth to continue with investments in our franchise, network, systems and people

Target a return on shareholders’ funds of 20% in the medium-term

13

Contact Us

Abhishek Kumat

Investor Relations

[email protected]

Khuloud Al Mehairbi

Investor Relations

[email protected]

Corporate Headquarters:

One NBAD Tower, Sheikh Khalifa St

PO Box 4, Abu Dhabi, UAE

Tel : +971-2-6111111

Fax : +971-2-6273170

Website : http://www.nbad.com

14

Best Arranger of

Middle Eastern Loans

by Euroweek

Best Corporate

Social Responsibility

by emeafinance

Most recognised

International Compliance Officer

& Best Compliance Officer

of the Year

by Thomson Reuters / Complinet

Best Investment Product

in Middle East

By Banker Middle East

NBAD opened 3 Business Banking

Centres in 1st quarter

mailto:[email protected]

mailto:[email protected]

F I N A L T R A N S C R I P T

NBAD.AD - Q1 2011 National Bank Of Abu Dhabi Earnings Presentation

Event Date/Time: Apr. 19. 2011 / 12:00PM GMT

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C O R P O R A T E P A R T I C I P A N T S

Michael TomalinNational Bank Of Abu Dhabi - Group Chief Executive

P R E S E N T A T I O N

Michael Tomalin - National Bank Of Abu Dhabi - Group Chief Executive

Good afternoon from a warm and sunny Abu Dhabi. I am delighted to present the performance review for the first quarter of2011 of the National Bank of Abu Dhabi. I'll start off with the usual set of disclaimers and then move on to the contents.

First of all, I'll start off with the salient features of the first-quarter results, then move onto some highlights and operationalreview and something about the outlook.

So the headlines for this quarter is that net profits for the quarter are AED927 million, up 27% of the 4th quarter of 2010. Butwe are slightly below the first-quarter profits, 10% below, in fact, because of higher provisions.

Topline revenues, assets, loans, and deposits are all at record levels. Our return on shareholder funds is 17.2%, and as you'll soonsee, we have a strong balance sheet and are adequately liquid for further growth.

Let us start then with the balance sheet. As of the end of March, assets stood at AED233.5 billion, up 10.4% for the quarter,mainly driven by a growth in deposits. Assets are in fact up 16% from March 2010.

Loans advances are up 4.7% in the quarter to AED143 billion, up 7% since March. And customer deposits jumped by 23% fromMarch to AED141 billion, up 15% on the year-end figure.

Shareholders' funds on the other hand stayed the same at AED20.1 billion because during the quarter, during the first quarter,we paid out AED938 million dividends. AED120 million dividend on the GoAD Tier-1 capital notes and AED718 million to ourordinary shareholders as a cash dividend for 2010.

Shareholders' funds remained the same at AED20 billion and total capital resources which, of course, include subordinateddebt remained the same as before. So the total capital resources figure AED32.4 billion, 9% up on the year, the same as the yearends.

In terms of the income, operating income is up 6% on higher net interest income, up 11%. However, partly offset by lowernon-interest income, down 6%. Operating income of AED1,881 million is in fact an all-time high for the bank.

The comparable quarter in 2010, we had a very strong and quite exceptional income in some ways in 2010. So I'm reasonablycomfortable that the operating income of AED1,881 million represents a good result. So there's no doubt about it, that banksall over the world, in the region and all over the world, topline revenue is going to be a key focus for all banks going forward.

Operating expenses rose by 15%. Again, this is our organic growth strategy. There's no acquisitions in this figure. And giventhat we are wedded to an organic growth strategy, you should expect operating expenses to continue to rise as we invest inour business.

However, we have kept the cost income ratio at a modest level of 30.1%, still well within our 35% medium term cap.

I'll comment in detail to explain impairment charges. At this point let me simply say that impairment charges were higher dueto conservative provisioning. And as a result of these higher impairment charges, net profits on the quarter were down 10%.

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Apr. 19. 2011 / 12:00PM, NBAD.AD - Q1 2011 National Bank Of Abu Dhabi Earnings Presentation



If we make the comparison now against the fourth quarter of 2010, a slightly different picture emerges. Operating income isstill strong, up 4%. Operating expenses growth is more modest. As you can see actually on the fourth quarter it is actually down10%. The fourth quarter operating expenses can traditionally be rather high than other quarters so I don't think you shouldread into that. But operating expenses are on a downward track. They will continue to grow as we invest and continue to investin our business.

Operating profits were actually 11% up. Impairment charges, however, were 14% down. And again, this is because in the pastwe've tended to make slightly more provisions in the fourth quarter than in the first. Overseas tax expense is slightly down andI will comment to explain that when we look at the international business.

Net profits were in fact up 27% against the third -- fourth quarter comparables.

Let's now look at the operational review. And first, the evolution of assets. And we have a picture showing it is the asset growthfrom the first quarter of 2010 through to the first quarter of 2011. And you can see a big jump in the fourth quarter going, if youlook at the series AED201 billion in the first quarter, AED202 billion, AED213 billion, AED211 billion, AED233 billion.

The NIM, the non interest margin -- net interest margin actually declined. Now this is partly to do with the way the mathematicswork. Because, obviously, if the balance should expand towards the end of the particular period, the average balance doesn'twork quite so well.

So you would expect, if the balance sheet grows very quickly, some fallback in that. But there has been some compression inmargins during this period particularly with rising nonperforming loans, obviously affecting net interest received.

Nevertheless, we have actually maintained our NIM at around 2.5%. And I believe, looking forward, we should be able to dothat.

The composition of assets you will see is 61% loans. This is slightly lower proportion of our balance sheet in loans than we havehad in the past. Meaning the bank is, generally speaking, somewhat more liquid. Fixed and other assets are 4%. Cash andbalances at Central Bank, 9%. Due from banks and reverse repos, this is where we always see lending to banks on a securedbasis, 15%. And investments, I should add the investments are largely high-quality investments, available for repo in need.

They are not loans disguised as investment. These are marketable -- generally speaking -- marketable securities that we canrepo and/or sell.

Now if we look at the evolution of loans and customer deposits, there are three lines here. The loans line, which is the orangeline; the green line is deposits; and sensibly, of course, we include a dossette of broken green lines to include medium-termborrowings. Because after all you can fund loans, not only out of deposits but deposits and medium term borrowings, and ofcourse also additionally capital if you have the * surplus capital or -- over your needs.

So if you have a look at the evolution of this, you'll see that deposits and loans actually almost came together at 100% in thefirst quarter. But if you include medium-term borrowings, there is a substantial gap and medium term borrowings and depositsexceed loans.

Now you should know that, during all this period, we have met the regulatory stable resources ratio the Central Bank establishes,which is not activated in quite the same way as the balance sheet is produced. But nonetheless, the key message deliveredtoday is that the bank deposit growth has been substantial and the loan growth has also been good. And I think partly reflectingcontinued and growing confidence in Abu Dhabi and the UE more broadly.

NIMs as we said at 2.48%, more or less matching what we've achieved during the rest of the year and optical loans and depositratio of 102%.

2







Now another important element to consider is our capital. You'll see we have traced this back for you since 2006 when equitywas AED9 billion. Capital resources of course includes subordinated notes, both convertible and non-convertible.

And you'll see that the growth in equity has risen from AED9 billion all the way through to AED24 billion; and I explained thereason why there was no increase in equity between the end of 2010 and the end of the first-quarter 2011. Essentially becausewe paid dividends on to the ordinary shareholders and on the government of Abu Dhabi Tier 1 stock.

The effective leverage ratio, which is accrued, but a ratio that people do use and an interesting indicator, assets to total capitalresources. That ratio is very low by international standards at 7.2 times. In other words our assets are 7.2 times bigger than ourcapital resources, which is a low multiple.

And there is actually capacity to grow this because our capital adequacy ratios, which are all set by the Central Bank are wellabove the minimum required by the Central Bank and Basle-3.

Now we come on to provisions and nonperforming loans. And I think the charts at the bottom probably will give you the bestpicture -- possible picture. If you look on the left-hand chart at the bottom, you'll see the evolution of nonperforming loanswhich have risen from AED910 million in 2007 all the way through to AED3,775 million at the end of the first quarter of 2011.And you can see that in the first quarter alone, non performing loans increased by AED526 million.

The NPL ratio, that's nonperforming loans as a percentage of the performing book is 2.56% at the end of the first quarter against2.3% at the end of 2010.

Now, the provisions are in two parts. We have specific provisions that are for loans that have gone wrong and collected provisionsthat we take in respect of the performing portfolio. The Central Bank has asked banks to reach a target of 1.5% of credit riskweighted assets as a general or as a collective provision. And we have made a lot of progress in getting to this 1.5% figure.

Central Bank has said that we need to get to the 1.5% figure by the end of 2014. At the end of 2010, we reached 1.39%, call it1.4%, at 1.4% and this quarter, despite the AED6 billion growth in credit risk weighted assets, we have actually been able toretain the collective provision at 1.39%, 1.4% of credit risk weighted assets.

And this explains the CAD84 million increase in collective provision charges shown in the bottom right-hand chart.

So if you look at the bottom right-hand chart, you'll see in the quarter AED84 million of collected provisions and AED365 millionof total, total provisions. Now that AED365 million is actually a net figure. It is net of AED81 million of recovery during the quarter.So the actual amount of provision that we made in the quarter on -- in respect of loans and other assets is AED446 million,AED426 million in relation to loans and AED20 million in relation to investment properties.

I think substantial amounts of provision again in this quarter which have obviously affected our numbers.

But if you look at the black line in the bottom corner right chart, you'll see the evolution of the addition to NPL. And you cansee that in the first quarter of last year we added AED225 million in NPLs, in the second quarter AED295 million in NPLs, AED488million, AED688 million, AED526 million. So there has, in fact, the rate of ascent -- the rate of ascent in the growth of NPLs hasslowed down.

Now I said before, I'll say it again, that we do expect our NPLs to increase to somewhere around 3.25% of performing loans bythe end of the year. But if you calculate 3.25% and you apply it on a likely performing loan figure for the year end, you'll see thatthe amount of extra NPL evolution for the rest of the year is not, in fact, as much as one thinks.

I mean, possibly one's looking at an NPL number of AED5 billion by the year end. So, perhaps, AED1 million more of NPLs bythe end of the year.

3







The specific provisions as a percent of NPLs are 52%. And some people say, Why is it 52%? But of course, one mustn't forgetwith the specific provisions that we do have collateral in most cases.

So what we do is we take the collateral, we value that collateral and under Central Bank rules, we apply a haircut to that collateraland then we decide how much or how -- decide is determined how much provision that we need to take.

So a specific revision of 52.6% in NPLs for a bank that generally lend secured is probably about right. And certainly if you lookback in history, we have always recovered more or round about 50% of our loans. Because we do have the collateral behindthem.

So the way to look at the provisions is that specific loans that have gone wrong, we have a 52% coverage and the rest is coveredby securities that we have. And in terms of the performing loans, in addition to that, we have taken 1.4% general provisionwhich we will build to 1.5% by the end of 2014.

Now if we look at the income statement, I think we've got charts here showing the evolution of income over the last three fullyears. In 2010, our total income was AED7.288 million; 26% of it was non interest and 74% of it was interest.

In the first quarter of 2010, total income was AED1,772 million. 30% non-interest, 70% interest. In the first quarter of 2011, thefigure was AED1,881 million, 27% non-interest, 73% interest. So our interest margins, our interest numbers have held up quitewell.

There were some factors in the first quarter of 2010. These non interest income include obviously trading profits and the fees.And clearly, in the first quarter, they haven't been as strong as they were in the first quarter of 2010.

In terms of the profit growth, you can see that we've had a CAGR of 12% from 2006 to the first quarter of 2011. And I think youcan see very clearly on the top right-hand chart the evolution of net profits.

The return on shareholders' funds is set up for you. We originally had a target of 25%. We now have a target of 20%. I think thisis right.

I mean, the world banking scene has changed. 25% is going to be much more difficult to obtain, particularly now that banksgenerally are being asked to maintain higher capital adequacy ratios. There's a lot of UE phenomena.

This is a global phenomenon, where banks are generally being required to maintain higher levels of capital in their business.And obviously if you have a more capital, the return on it is more difficult obtain.

So we are still sticking to a medium term target of 20%, although in this particular quarter, we fell slightly below it at 17.2%.

On the cost to income ratio, the cost to income ratio was 30.1% in this quarter, actually slightly better than the 30.5%. Our targethere is to remain within our medium term cap of 35%. We do expect over time for our cost income ratio to get towards 35%,particularly the Internet bank internationalizes. Because clearly, cost income ratios of 30%, 35% are unusual. I mean they don't-- in outer markets, develop markets particularly where we operate. There are very few banks operating on such good costincome ratios as these.

On a segmental basis, the profit is divided as follows, with our corporate investment banking business contributing 45 and abit percent of the profits. That's our investment banking, our wholesale banking, our structured finance business, our syndicationsbusiness, our financial institutions business, our leasing business, our property business contributed just a little under half thetotal bank profits.

4







Domestic banking business here in the UAE which, of course, the branches, the credit cards, the call centers, contributed 22%of our profits in the first quarter. Our international banking business contributed 13%, and I think it is worth commenting thatnot withstanding turbulence in the region, the international bank continues to perform well. Particularly in its offices in London,Washington, Paris, and Hong Kong, we had some very good results.

Obviously the situation in some countries in the Arab world have caused us to make additional precautionary provisions, butnot withstanding these -- and, obviously, very precautionary provisions are affected in the provision numbers that I had showedearlier. But notwithstanding the operating profits of the international bank continued to be -- to hold up very well.

The financial markets business, FMD contributed 14% of our profit. The global wealth business, a slither only, 0.7% of our profit.Obviously with markets particularly in the UE where they are, stock markets up until very recently anyway being somewhatdepressed with low values and low volumes, it is difficult to make money in that business.

But the good news in the global wealth space is our private banking business is doing well. Geneva-based, Swiss Private Bankactually published its own results two or three weeks ago. And for the first time in our short history in Geneva -- I think we'veonly been there 2 1/2 years -- we actually disclosed a profit. Not a big profit, but a profit nonetheless, which is very good for avery young, very young bank.

The global wealth business is only contributing less than 1% of our business today. But we have high hopes for it for the futureand shareholders need to look at this business as something that, in five to 10 years' time, will be making a meaningful contributionto the overall bank results.

You know that we run head office as though it were a business. We manage the capital of the bank and obviously we also havea lot of the centralized costs to bear. But net net net, we try and run this at a break -- [while we're at a breakeven position] andby managing the returns on the capital and charging for the centralized functions, the head office is able net net to contribute1.5 percentage of group results.

The Islamic Bank or the Islamic banking business, which is our wholly-owned subsidiary in our Islamic windows through ourbranches, had a strong first quarter, contributing to 2.7% of our operating profits. Over AED1.315 million.

Finally, then something on the outlook. We are still seeing loan growth in big single figures for 2011, and we expect NPLs tocontinue to rise to the levels where I indicated earlier. But we are expecting them to stabilize at the end of 2011.

We will continue to increase our collective provision to 1.5% of credit risk weighted assets by 2014. As I said we are already at1.4%, so we have several years now to get to our 1.5% position.

Essentially, we will continue with our organic growth strategy to invest in our franchise network, systems and people. That doesnot mean that we will totally discount any acquisition anywhere, anytime. But it does mean that any acquisition that we doconsider and there are none in front of me now, but if we were to consider it in the future, such an acquisition would have topass the most rigorous standards, because we have the option and the choice to grow the bank organically as we have beendoing over the last 10 years quite successfully.

So it has to be a very compelling story to persuade the Board to go for any acquisition at all.

Meanwhile, our strategy is predicated on our organic growth strategy to invest through the P&L in our people, in our network,in our brand and our systems. And our expansion will be in new markets such as [Alesia], where we hope to open later this year;in Shanghai, where we applied to open up a representative office; in Jordan, where we are opening our second office today; inLebanon, where we have an application pending to open a business. This will all be done organically rather than by buying thebusiness.

5







And notwithstanding the fact that our return on equity -- return on shareholders' funds fell below our 20% medium term targetthis quarter, because of the high provisions, we are still targeting a return of shareholders' funds of 20% in the medium term.

So if I were to sum it in a sentence or two, although net profits for the quarter are below the equivalent quarter of last year asa result of higher provisions, topline revenues, operating profits, assets, loans, and deposits are all at record levels. And thegroup remains well placed and continues to invest in its future.

Just in case you want to get hold of us, we have a list of contacts, but thank you all very much, indeed, for listening. Goodafternoon.

D I S C L A I M E R

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Disclaimer - Personal Banking · 1,550 2,658 3,664 3,961 245 848 1,604 1,892 1,976 859 1,072 ... by...

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Transcript of Disclaimer - Personal Banking · 1,550 2,658 3,664 3,961 245 848 1,604 1,892 1,976 859 1,072 ... by...