UAE's largest lender posts small drop in Q4 net profit

National Bank of Abu Dhabi says it made $294m in the three months to December 31
UAE's largest lender posts small drop in Q4 net profit
(Getty Images)
By Reuters
Tue 28 Jan 2014 03:28 PM

National Bank of Abu Dhabi, the largest lender by market value in the UAE, posted fourth-quarter profit that fell marginally from a year earlier, in line with analysts' estimates.

NBAD, majority-owned by the Abu Dhabi government, said on Tuesday that net profit for the quarter was AED1.08 billion ($294 million), slightly lower than AED1.12 billion in the year-ago quarter.

Six analysts polled by Reuters had forecast quarterly net profit of AED1.10 billion.

Full-year net profit rose 9 percent to AED4.73 billion, NBAD said, adding that it was recommending a cash dividend of 0.4 dirhams per share for investors.

Separately, NBAD has appointed James Burdett, previously a senior executive at Australia & New Zealand Banking Group, as its group chief financial officer, two sources familiar with the matter said.

Burdett was chief financial officer for international and institutional banking at ANZ and has resigned from the Australian lender, the sources said, requesting anonymity as the matter is not yet public. The sources said Burdett was expected to join the state-owned Abu Dhabi lender soon.

A spokesman for NBAD declined to comment, while officials at ANZ were not available for comment.

NBAD, the largest lender by market value in the United Arab Emirates, appointed Alex Thursby as its CEO in July last year. Thursby was previously the chief executive for international and institutional banking at ANZ.

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