Economics
Abu Dhabi's NBAD Says Government Deposits Slump $13 Billion
- Government deposits fall after decrease in prices for crude
- Bank sees `new normal' of lower crude and difficult conditions
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National Bank of Abu Dhabi, 70 percent owned by the oil-rich emirate, said government deposits slumped by more than $13 billion in the past year after the drop in crude.
The United Arab Emirates’ banking sector has lost 56 billion dirhams ($15.25 billion) in government deposits since September last year, of which National Bank of Abu Dhabi’s share has been 48 billion dirhams, Chief Executive Officer Alex Thursby said on a conference call Wednesday. Deposits fell to 31.2 billion dirhams last month from 69.6 billion at the end of December, according to a company statement.