The good performance is attributed to excellent local resources, efficient management and a conservative lending policy that has resulted in improving asset quality and better results. The strong growth has continued into 2006 where net profits before tax grew by 38.8% for the first six months of the year.
Wholly owned by the government, NBY was incorporated in Aden in 1969 and has 28 branches across the country. Cyprus-based rating agency Capital Intelligence affirmed in October 2006 that the bank’s long and short-term foreign currency ratings were -B and B respectively, while the outlook remains “stable” with financial strength at BB. These ratings reflect the improvement of the bank’s overall financials, particularly profitability, asset quality and capitalisation.
