NBAD Q1 profit up 35.5%

National Bank of Abu Dhabi (NBAD), 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 Dh1.04 billion in the same period last year, it said in a statement.

Impairment charges for the first quarter of this year were Dh322 million, 3 percent higher than the Dh313 million posted in the corresponding period of 2012.

Five analysts polled by Reuters had on average forecast a net profit of Dh1.09 billion.