NBAD Q1 net profit surges 36pc
Dubai, April 23, 2013
National Bank of Abu Dhabi, the United Arab Emirates' largest lender by market value, posted a 35.5 percent increase in first-quarter net profit on Tuesday, beating the average forecast of analysts.
The bank made Dh1.41 billion ($383.9 million) in the first three months of 2013, versus 1.04 billion dirhams in the same period last year, it said in a statement.
Impairment charges for the first quarter of this year were 322 million dirhams, 3 percent higher than the 313 million dirhams posted in the corresponding period of 2012.
Five analysts polled by Reuters had on average forecast a net profit of 1.09 billion dirhams.
Chairman Nasser Alsowaidi said the bank’s performance in the first quarter once again demonstrates its ability to deliver solid results in a challenging global environment.
"The continued strength of our balance sheet, capital position and liquidity is an example of our ongoing commitment to excellence," he noted.
"Another example of our continuing commitment to excellence is our recent announcement that Alex Thursby will replace Michael Tomalin as the next Group chief executive. Alex has an impressive record of achievement in his global banking career, and we are excited for him to take the reins as NBAD embarks upon its next phase of growth.”
Commenting on the results, Tomalin said, "In the first quarter, we delivered top line growth of 24 per cent whilst growing the bottom line by over 35 per cent. This growth is a result of the diversified business model we have, and I expect this growth to continue in the years to come."– Reuters and TradeArabia News Service