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29 March 2024

NBAD's Q3 net profit jumps 32%

Published
By Reuters

National Bank of Abu Dhabi, the largest lender in the UAE, reported a 32 per cent rise in third-quarter net profit on Tuesday, slightly ahead of estimates, as revenue increased.

NBAD, almost 70-percent owned by Abu Dhabi's government, made a net profit of Dh1.37 billion ($373 million) in the three months to September 30, up from Dh1.04 billion in the corresponding period of 2013, the bank said in a statement.

Six analysts polled by Reuters on average forecast NBAD's quarterly profit would be Dh1.30 billion.

Chief Executive Alex Thursby warned after the bank's first-quarter earnings that fierce competition and global interest rate pressure was starting to undermine the profitability of banks in the UAE.

NBAD said quarterly revenue was Dh2.6 billion, up 17.1 per cent from the same period last year.

NBAD expects loan growth to be in the "high single digits" in the coming months, its chief executive said.

"If we see four per cent GDP growth, we double that for loan growth so between seven to nine per cent (for the industry). We won't be double digits but will be high single digits year on year," Thursby said..