NBAD Q3 net profit falls 8pc
Abu Dhabi, October 29, 2013
National Bank of Abu Dhabi said on Tuesday that its third-quarter net profit dropped 8 per cent from a year earlier to 1.04 billion dirhams ($283 million), missing analysts' forecasts.
Revenues in the three months to September 30 fell 2.5 per cent to 2.19 billion dirhams, while net impairment charges for bad loans totalled 299 million dirhams in the quarter against 367 million dirhams a year earlier.
A Reuters poll of analysts had predicted on average that NBAD would post a third-quarter profit of 1.22 billion dirhams.
NasserAlsowaidi, chairman of NBAD, said: “The first nine months demonstrate the strength of NBAD and our ability to deliver consistent results over time.We delivered strong revenue and earnings growth while maintaining our solid balance sheet and strong capital position.”
Alex Thursby, group chief executive, said: “Our results for the first nine months of 2013 were solid.I have now laid out my strategy for the next 5 years, and we are beginning to gain momentum as we focus on being core to our chosen customers. ” - Reuters and TradeArabia News Service