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Tue 23 Oct 2007 03:30 PM

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NBAD makes second straight profit gain

UAE's second-biggest lender tops analysts' forecast with rise in net income of 14% to $156.9mn in Q3.

National Bank of Abu Dhabi (NBAD), the UAE's second-biggest lender by market value, posted its second straight gain in profit in the third quarter, at the top end of analysts' forecast.

Net income in the three months to September 30 rose 14% to 576 million dirhams ($156.9 million), said an official at the bank, who did not want to be identified.

Forecasts for net profit in the three months to September 30 ranged from 528 million dirhams to 629 million dirhams, according to a Reuters survey of analysts last month. The average of four forecasts was 571 million dirhams. - Reuters

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