Gulf Business Subscribe

National Bank Of Abu Dhabi Q1 Profit Up 36%

The bank posted net profit of Dhs1.41 billion ($384 million) in the first three months of 2013.

By Reuters | Finance | Published: 23rd April 2013 at 20:56

Higher income from investments and fees helped National Bank of Abu Dhabi, the United Arab Emirates' largest lender by market value, to a 35.5 per cent jump in first-quarter net profit, the bank said on Tuesday.

The bank posted net profit of Dhs1.41 billion ($384 million) in the first three months of 2013, beating the average forecast of Dhs1.09 billion in a Reuters poll of analysts.

Impairment charges for the first quarter of this year were Dhs322 million, up three per cent higher on the corresponding period last year.

Non-interest income grew 70.9 per cent to Dhs974 million, which the bank attributed to a combination of strength in financial markets and successful hedging strategies.

Net interest income and net income from Islamic financing increased 5.3 per cent against last year and net fees and commissions grew 8.9 per cent to Dhs414 million.

Loan growth continued to be lower than expected, the bank said, but deposits rose 9.6 per cent year on year, helped by net inflows of government deposits.

The bank, which this month appointed Australia and New Zealand Banking Group's Alex Thursby to take over as new chief executive in July, added that it has now fully repaid Dhs5.6 billion of finance ministry subordinated notes after repaying Dhs1.5 billion in the first quarter and a further Dhs1.5 billion at the start of the second quarter.

Related articles

Abu Dhabi's Union National Bank Q1 Net Profit Rises 3.5%

The bank made a profit of Dhs512.1 million ($139.4 million) in the quarter, up from Dhs494.9 million a year earlier.


Abu Dhabi Islamic Bank Q1 Net Profit Up 20.4%

The lender made a net profit of Dhs409.5 million ($111.5 million) in the three months to March 31.


National Bank Of Abu Dhabi H1 Profit Up 25.6%

The UAE's largest lender made a net profit of Dhs2.6 billion in the first half of the year, on the back on increased revenues.


Abu Dhabi Commercial Bank Q2 net profit up 21%, beats estimates

The lender made a net profit attributable to shareholders of Dhs 1.28bn in the second quarter of 2015


Subscribe to get a Gulf Business update each day.

By Reuters