The National Bank of Abu Dhabi (NBAD) said it has $345 million exposure to the Dubai World Group.
This include $ 114 million nominal invested in the Nakheel December 2009 Sukuk and marked Available for Sale and marked to market through equity; $ 6 million nominal in the same bond held in our Trading Portfolio and marked-to-market; and general corporate loans of $ 100 million and $125 million to Nakheel and Limitless respectively.
NBAD has no exposure to Dubai World itself.
"As at 30 September 2009, NBAD had net loans of $34.9 billion (Dh 128.2 billion); Capital & Reserves in excess of USD 6.3 billion (Dh 23.1 billion) taking our Capital Adequacy as per Basel II to 18.42%; net Non-Performing Loans at $ 419 million (Dh 1.5 billion) and total provision of $613 million (Dh 2.25 billion) hence making our Non-Performing Loans coverage 146%," a company statement said
