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28 February 2024

Lenders likely to shine

By Shweta Jain




The average net profit of eight of the UAE-listed banks are forecast to rise by 7.7 per cent in the fourth quarter of 2007 to Dh3.88.48 million against Dh360.38m in the corresponding period of 2006.

While National Bank of Abu Dhabi (NBAD) is expected to take the overall lead in the fourth quarter of 2007, with its average net earnings resting at a whopping Dh600.96m, an increase of about 28.27 per cent over the same period in 2006.

In Dubai, Mashreq is forecast to lead the way with its Q4 earnings likely to reach Dh458.77m, recording an increase of 0.3 per cent over previous year’s fourth quarter.

However, equity research firm Beltone Financial has forecast Mashreq’s net earnings to decline by as much as 46.4 per cent.

NBAD, meanwhile, will be escaping the fourth quarter with no negative forecast. The bank reported net profit of Dh468.51m in the fourth quarter of 2006. Dubai Islamic Bank is going to be at the other extreme with its profits likely to decline by 18.9 per cent, clocking an average profit of Dh438.75m in Q4.