National Bank of Abu Dhabi

National Bank of Abu Dhabi PJSC

Condensed consolidated interim financial statements 31 March 2011

National Bank of Abu Dhabi PJSC

Condensed consolidated interim financial statements

Contents Independent auditors' report on review of condensed consolidated interim

financial information Condensed consolidated interim statement of financial position Condensed consolidated interim income statement Condensed consolidated interim statement of cash flows Condensed consolidated interim statement of comprehensive income Condensed consolidated interim statement of changes in equity Notes to the condensed consolidated interim financial statements

Page

1 2 3 4 5 6 7 - 20

National Bank of Abu Dhabi PJSC

Condensed consolidated interim income statement

For the three month period ended 31 March 2011

31 Mar `11 31 Mar `10

Note

AED'000

AED'000

Interest income Interest expense

Net interest income

Income from Islamic financing contracts Depositors' share of profits

Net income from Islamic financing contracts

1,862,677 (567,113) -----------------------1,295,564 ------------------------

97,139 (14,368) -----------------------82,771 ------------------------

1,659,544 (468,806) -----------------------1,190,738 ------------------------

60,054 (11,355) -----------------------48,699 ------------------------

Fee and commission income Fee and commission expense

Net fee and commission income

392,447 (48,674) -----------------------343,773 ------------------------

357,618 (34,312) -----------------------323,306 ------------------------

Net gain on investments Net foreign exchange gain Other operating income

69,516 71,207 18,409 -----------------------159,132 ------------------------

112,951 80,855 15,471 -----------------------209,277 ------------------------

Operating income

1,881,240 1,772,020

General, administration and other operating expenses

Profit before net impairment charge and taxation

(565,912)

(493,940)

------------------------ ------------------------

1,315,328 1,278,080

Net impairment charge Profit before taxation

(365,046) (225,126) ------------------------ ------------------------

950,282 1,052,954

Overseas income tax expense Net profit for the period

(22,993) ------------------------

927,289 ===========

(22,119) ------------------------

1,030,835 ===========

Basic earnings per share (AED) Diluted earnings per share (AED)

20

0.28

0.32

=========== ===========

20

0.28

0.31

=========== ===========

The notes 1 to 23 are an integral part of these condensed consolidated interim financial statements.

The independent auditors' report on review of condensed consolidated interim financial information is set out on page 1.

3

National Bank of Abu Dhabi PJSC

Condensed consolidated interim statement of cash flows

For the three month period ended 31 March

31 Mar `11

AED'000

Cash flows from operating activities Profit before taxation Adjustments for: Depreciation Accreted interest Net impairment charge on assets Foreign exchange translation adjustment Share option scheme

950,282

34,294 4,854 398,879 147,413 7,312 -------------------------1,543,034

Change in investments at fair value through profit or loss Change in due from banks, financial institutions

and central banks Change in reverse repurchase agreements Change in loans and advances Change in other assets Change in due to banks Change in repurchase agreements Change in customers' deposits Change in other liabilities

Overseas income tax paid, net of recoveries

Net cash from / (used in) operating activities

Cash flows from investing activities Purchase of non-trading investments, net of

proceeds from sale or maturity Net disposal/ purchase of premises and equipment

Net cash used in investing activities

Cash flows from financing activities Dividends paid Issue of medium term borrowings Redemption of medium term borrowings Net movement of euro commercial paper Payment on tier 1 capital notes

Net cash (used in) / from financing activities

Net increase / (decrease) in cash and cash equivalents Cash and cash equivalents at 1 January

Cash and cash equivalents at 31 March

162,041

(402,036) (4,591,935) (6,759,114)

(873,194) 2,322,427

341,391 17,920,531

1,273,441 -------------------------10,936,586

(19,797) -------------------------10,916,789 --------------------------

(3,305,017) (110,791)

-------------------------(3,415,808) --------------------------

(717,511) 960

(120,000) --------------------------

(836,551) -------------------------6,664,430 20,976,579 --------------------------

27,641,009 ===========

31 Mar `10 AED'000

1,052,954

28,428 2,916 234,774 (160,464) 5,358 -----------------------------1,163,966

155,181

721,369 (3,415,773) (1,568,105)

(638,508) 508,850 829,466 (879,583) 500,502 ------------------------------(2,622,635)

(319) ------------------------------

(2,622,954) ------------------------------

(442,667) 10,583

----------------------------(432,084)

-----------------------------

(217,428) 3,122,050 (784,523) (175,221) (120,000) -----------------------------1,824,878 -----------------------------(1,230,160) 27,617,187 -------------------------------

26,387,027 ============

Cash and cash equivalents comprise: Contractual maturity within three months: Cash and balances with central banks Due from banks and financial institutions

14,191,145 13,449,864 -------------------------27,641,009 ===========

8,932,378 17,454,649 -------------------------------26,387,027 ============

The notes 1 to 23 are an integral part of these condensed consolidated interim financial statements. The independent auditors' report on review of condensed consolidated interim financial information is set out on page 1.

4

National Bank of Abu Dhabi PJSC

Condensed consolidated interim statement of comprehensive income

For the three month period ended 31 March

Net profit for the period

Note

31 Mar `11 31 Mar `10

AED'000

AED'000

927,289 1,030,835

Other comprehensive income

Exchange difference on translation of foreign operations

Change in the fair value reserve

17

Directors' remuneration

Other comprehensive (expense) / income for the period

Total comprehensive income for the period

(1,723) (73,294)

(5,450)

--------------------------

(80,467)

--------------------------

846,822

===========

237 307,940

(4,950)

--------------------------

303,227

--------------------------

1,334,062

===========

The notes 1 to 23 are an integral part of these condensed consolidated interim financial statements. The independent auditors' report on review of condensed consolidated interim financial information is set out on page 1.

5

National Bank of Abu Dhabi PJSC

Condensed consolidated interim statement of changes in equity

For the three month period ended 31 March

Government

of Abu Dhabi

tier 1

Share Statutory Special General

capital

capital reserve reserve reserve

notes

AED'000 AED'000 AED'000 AED'000 AED'000

Share option scheme AED'000

Fair value reserve

AED'000

Subordinated

Foreign convertible

currency

notes -

translation

equity

reserve component

AED'000 AED'000

Retained earnings AED'000

Total AED'000

Balance at 31 December 2009

2,174,275

Net profit for the period

-

Net movement in fair value reserve (note 17)

-

Directors' remuneration

-

Foreign currency translation adjustment

-

----------------------

Total comprehensive income for the period

-

Payment on tier 1 capital note (note 15)

-

Option granted to staff

-

Dividend paid for 2009 (note 14)

-

Bonus shares issued (note 14)

217,428

Transfer to general reserve (note 14)

-

----------------------

Balance at 31 March 2010

2,391,703

==========

1,087,138 -

---------------------

--------------------1,087,138 =========

2,128,253 -

----------------------

---------------------2,128,253 ==========

8,623,500 4,000,000

-

-

-

-

-

-

-

-

--------------------- -------------------------

-

-

-

-

-

-

-

-

(217,428)

-

2,100,000

-

--------------------- -------------------------

10,506,072 4,000,000

========== ==========

18,888 -

-----------------------

5,358 -

----------------------24,246

==========

(845,223) -

307,940 -

------------------307,940

------------------(537,283) ========

5,887 237

---------------237 -

---------------6,124

=======

79,712 3,168,138

- 1,030,835

-

-

-

(4,950)

-

-

---------------------- --------------------------

- 1,025,885

-

(120,000)

-

-

-

(217,428)

-

-

- (2,100,000)

---------------------- --------------------------

79,712 1,756,595

========== ===========

20,440,568 1,030,835 307,940 (4,950) 237

-------------------------1,334,062 (120,000) 5,358 (217,428) -

-------------------------21,442,560 ===========

Balance at 31 December 2010

2,391,703

Net profit for the period

-

Net movement in fair value reserve (note 17)

-

Directors' remuneration

-

Foreign currency translation adjustment

-

----------------------

Total comprehensive income for the period

-

Payment on tier 1 capital note (note 15)

-

Option granted to staff

-

Dividend paid for 2010 (note 14)

-

Bonus shares issued (note 14)

478,340

Transfer to general reserve (note 13,14)

-

----------------------

Balance at 31 March 2011

2,870,043

==========

1,195,852 -

---------------------

--------------------1,195,852 =========

2,128,253 -

----------------------

---------------------2,128,253 ==========

10,507,798 4,000,000

-

-

-

-

-

-

-

-

--------------------- -------------------------

-

-

-

-

-

-

-

-

(478,340)

-

2,332,424

-

--------------------- -------------------------

12,361,882 4,000,000

========== ==========

52,739 -

-----------------------

7,312 -

----------------------60,051

==========

(414,606) -

(73,294) -

------------------(73,294)

------------------(487,900) ========

(3,453) -

(1,723) ---------------(1,723)

---------------(5,176) =======

74,925 4,180,205

-

927,289

-

-

-

(5,450)

-

-

---------------------- --------------------------

-

921,839

-

(120,000)

-

-

-

(717,511)

-

-

(32,424) (2,300,000)

---------------------- --------------------------

42,501 1,964,533

========== ===========

24,113,416 927,289 (73,294) (5,450) (1,723)

-------------------------846,822 (120,000) 7,312 (717,511) -

-------------------------24,130,039 ===========

The notes 1 to 23 are an integral part of these condensed consolidated interim financial statements. The independent auditors' report on review of condensed consolidated interim financial information is set out on page 1.

6

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