National Bank of Abu Dhabi reports net profit of $375m during quarter, ahead of planned merger with First Gulf Bank
National Bank of Abu Dhabi, the emirate's largest lender by assets, on Wednesday posted a 4.8 percent fall in second-quarter net profit, broadly in line with forecasts.
NBAD, which earlier this month said it had provisionally agreed to merge with rival First Gulf Bank, made a net profit of 1.38 billion dirhams ($375.8 million) in the three months ending June 30, according to a statement.
This compared to 1.45 billion dirhams in the same period a year earlier, while the average forecast of four analysts polled by Reuters was for a net profit in the quarter of 1.32 billion dirhams.
Merging NBAD and FGB, as recommended by the boards of the two lenders, would create one of the largest banks by assets in the Middle East and Africa. The deal is expected to be completed in the first quarter of 2017.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.