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