Abu Dhabi's NBAD hits four-week low after Q3 profit drop

NBAD falls 4.6 percent, hitting its lowest level since Sept 30
By Reuters
Wed 30 Oct 2013 11:18 AM

Shares in National Bank of Abu Dhabi slump to a four-week low after the UAE's largest lender by market value posted its first quarterly profit decline in nearly two years, missing analysts' forecasts.

NBAD falls 4.6 percent, hitting its lowest level since Sept. 30, although trading is thin.

The bank's third-quarter net profit fell 8 percent to 1.04 billion dirhams ($283 million). Analysts in a Reuters poll had forecast on average a profit of 1.22 billion dirhams for the quarter.

Abu Dhabi's index retreats 0.4 percent to 3,843 points.

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