NBAD posts 45.5pc jump in Q1 profit
Abu Dhabi, April 27, 2008
National Bank of Abu Dhabi (NBAD), the Gulf emirate's biggest lender, said first-quarter profit rose 45.5 per cent after it boosted lending and included a one-off gain from the sale of land.
Net income in the three months to March 31 rose to Dh875 million ($238.3 million), or Dh1.81 per share, compared with Dh601.3 million or Dh1.25 per share, in the year-earlier period, said the bank, the second-biggest in the UAE.
Cairo-based investment bank EFG-Hermes and Dubai's Shuaa Capital had respectively expected NBAD to make a quarterly profit of Dh659 million and Dh699 million, according to a Reuters survey last month.
The bank made a one-off gain of Dh165 million from the sale of land, it said in the statement. Total loans and advances grew 51 per cent to Dh93 billion.
Shares of NBAD, which is controlled by the government of Abu Dhabi, are up more than 8 per cent this year, compared with more than 10 per cent for the main index.
Abu Dhabi's main stock index traded around 4,600 points in the first quarter, compared with 3,000 in the year-earlier period, according to Reuters data.-Reuters