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Tue 23 Jul 2013 02:44 PM

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UAE's largest lender makes $329m Q2 net profit

National Bank of Abu Dhabi reports a 15.8% increase in quarterly profit but misses forecasts

UAE's largest lender makes $329m Q2 net profit
(Getty Images)

National Bank of Abu Dhabi , the largest lender by market value in the UAE, reported a 15.8 percent rise in quarterly net profit on Tuesday but missed analysts' forecasts.

NBAD, almost 70 percent owned by Abu Dhabi's government, made a second-quarter net profit of AED1.21bn ($329.4m), up from AED1.05bn in the year ago period, the bank said in a statement.

However, analysts had forecast an average profit of AED1.29bn for the quarter in a Reuters poll.

The quarterly profit rise was attributed to higher non- interest and net interest income, with the latter gaining 9.6 percent year-on-year in the second quarter. Net fee and commissions income for the quarter rose 23.5 percent to AED476m.

Net impairment charges in the second quarter rose slightly year-on-year to AED301m.

Net profit for the first half of the year rose 25.6 percent to AED2.62bn. Such a jump was expected after the bumper 35.5 percent rise in first-quarter net profit.

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