ABU DHABI: National Bank of Abu Dhabi , the largest lender by market value in the United Arab Emirates, beat analyst estimates by reporting a 9.1 rise in third-quarter net profit, boosted by investment gains.
NBAD, majority-owned by the Abu Dhabi government, made a net profit of Dh1.12bn ($307m) in the third quarter compared with Dh1.03bn a year ago, a statement from the bank said yesterday.
Profit for the first nine months of this year totalled Dh3.21bn dirhams, up 7.6 percent from a year earlier. Non-interest income jumped 28.1 percent in the third quarter as the lender booked Dh190.7m of net gains on investments versus a loss of Dh27.8m a year ago.
Analysts had forecast an average quarterly profit of Dh1.076bn in a Reuters poll earlier this month. “We experienced continued growth in the third quarter and are on track to meet our expectations for the full year,” chief executive Michael Tomalin said in a statement.
The bank booked net loan impairment charges of 366.8 million dirhams in the third quarter compared to Dh320.6m a year ago. Total impairments stood at Dh971m in the first nine months of this year, versus Dh1.017bn dirhams in the same period last year.
Reuters
