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Tue 21 Oct 2008 03:58 PM

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National Bank of Abu Dhabi posts $177mn Q3 profit

UPDATE 1: Company's 13% increase, while National Bank of Abu Dhabi's profit falls 26%.

National Bank of Abu Dhabi posted a 13 percent rise in third-quarter net profit attributable to shareholders to 651 million dirhams ($177.2 million).

The company made 2.527 billion dirhams in the nine months ended September 30, compared to 1.76 billion dirhams in the same period a year earlier, it said in a statement on Tuesday.

Analysts' forecasts for NBAD's quarterly profit ranged from 607.50 million dirhams to 768.70 million dirhams in a Reuters net profit survey.

Meanwhile, Abu Dhabi Commercial Bank posted a 26 percent fall in third-quarter net profit to 447.6 million dirhams ($121.9 million), missing analysts' forecasts, as it made provisions against bad loans.

The quarterly profit fell "due to taking an impairment provision of 208 million dirhams ... to cover its investment portfolio," Abu Dhabi Commercial said in a statement. (Reuters)

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