NBAD profits fall 8% to Dh2.65b

28/07/2016 05:43 AST

The National Bank of Abu Dhabi (NBAD) reported on Wednesday Dh2.65 billion in net profit for the first half of 2016, marking a 7.8 per cent drop from the Dh2.87 billion reported in the same period in 2015.

The results put net profit for the second quarter of 2016 alone at Dh1.38 billion – down 4.8 per cent from Q2 2015’s Dh1.45 billion.

Meanwhile, revenues for the first half stood at Dh5.41 billion, a 0.1 per cent increase on the same six months of 2015. Total revenues for the three months ending June 31, 2016 were Dh2.76 billion, also up 1.5 per cent year-on-year.

“This set of results strengthens the rationale of the proposed merger with FGB (First Gulf Bank) that was announced earlier this month. The combination of these two institutions is an exciting moment for NBAD and I am confident that the merger will allow us to create even more value for our customers, shareholders, investors, employees, and the people of the UAE,” said Nasser Alsowaidi, NBAD’s chairman.

The merger between the two Abu Dhabi-based banks is expected to reap higher revenues, and create the largest bank in the Middle East and North Africa, with Dh642 billion in total assets. The banks will be merged in the first quarter of 2017.


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