nbad profit up 25 to dh103b
Last Updated : GMT 01:56:59
Arab Today, arab today
Arab Today, arab today

NBAD profit up 2.5% to Dh1.03b

Arab Today, arab today

Arab Today, arab today NBAD profit up 2.5% to Dh1.03b

Abu Dhabi - Arabstoday

The National Bank of Abu Dhabi (NBAD) said yesterday its fiscal second quarter net profit rose 2.5 per cent on year to Dh1.03 billion, a result that beat some analysts\' expectations. \"NBAD\'s second-quarter net profit is higher than our estimate of Dh1.01 billion,\" Shabbir Ahmad, banking analyst with EFG-Hermes told Gulf News. Shares of NBAD were unchanged yesterday at Dh11.05 on the Abu Dhabi Securities Exchange. Last year, during the same quarter, the bank\'s net profit stood at Dh1 billion, NBAD said in a statement. Article continues below However, the net profit for the first half of 2011 was 3.9 per cent lower at Dh1.95 billion compared to the first half of 2010, NBAD said. \"Our focus remains on top-line operating revenues which are up 10 per cent year on year. Given the weak global economy and some regional uncertainty, low interest rates and absence of any major exceptional items, this increase can be judged a fine achievement,\" commented said Michael Tomalin, the group chief executive of NBAD. As of June 30, the bank\'s total assets reached Dh246.5 billion, up 22.2 per cent on year, mainly driven by the growth in customer deposits. Loans and advances Loans and advances to customers increased to Dh153 billion in June, up 11.8 per cent since December 31. Customer deposits at Dh147.2 billion were up 31.2 per cent compared to June 2010. \"The gross impairment charge for the first half was Dh848 million, which after Dh152 million of recoveries reduced to a net charge of Dh696 million, comprising of collective provisions of Dh170 million, net specific charges of Dh481 million and other provisions for impaired assets of Dh45 million,\" NBAD said. It added: \"Our collective provision of Dh2,062 million is 1.39 per cent of the credit risk-weighted assets, in line with Central Bank\'s requirement for banks to have a collective provision of 1.5 per cent of credit risk-weighted assets by the end of 2014.\" Non-performing loans increased to Dh4,172 million representing 2.65 per cent of the loan book, the bank said. \"The bank\'s loan growth was very strong, resulting in higher revenues for the bank. Investment gains also supported revenues. As far as NBAD\'s asset quality is concerned, although the NPL ratio has gone up slightly quarter on quarter, the pace of increase has slowed down,\" said EFG-Hermes\' Ahmad. \"The strong earnings momentum should continue in the third quarter, given that deposits have grown in the second quarter giving an indication that there\'s going to be further loan growth in the third quarter,\" he added. Naveed Ahmad, senior financial analyst at Kuwait-based Global Investment House said NBAD\'s second quarter figures were in line with their expectations. \"Net interest income jumped due to volumetric growth while net interest margins remained under pressure. Fee and commission income remained strong, as expected with the surviving the impact of the new retail regulations by the Central bank of the UAE. During the quarter, non-performing loans increased by Dh397 million or 11 per cent quarter-on-quarter leading to a 9 basis points increase in the NPL ratio,\" he added. \"As anticipated, the bank\'s loans witnessed a robust jump with the addition of Dh10 billion while deposit growth remained strong as well. We believe that a slight increase in our top-line estimates and operating expenses for the full year may be required,\" said Ahmad.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

nbad profit up 25 to dh103b nbad profit up 25 to dh103b

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

nbad profit up 25 to dh103b nbad profit up 25 to dh103b

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today Visit Jamaica for more than just sun

GMT 09:45 2017 Tuesday ,21 November

Visit Jamaica for more than just sun
Arab Today, arab today Keep kids busy at Thanksgiving gatherings

GMT 11:14 2017 Friday ,10 November

Keep kids busy at Thanksgiving gatherings
Arab Today, arab today UN warns of conflict in Gaza

GMT 08:39 2017 Tuesday ,21 November

UN warns of conflict in Gaza
Arab Today, arab today Missouri problem mirrors woes

GMT 06:46 2017 Tuesday ,21 November

Missouri problem mirrors woes
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Australian academic's book pulled

GMT 15:20 2017 Monday ,13 November

Australian academic's book pulled
Arab Today, arab today May under Brexit pressure at EU reform summit

GMT 02:14 2017 Saturday ,18 November

May under Brexit pressure at EU reform summit
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today VW says will invest over 34bn euros

GMT 07:19 2017 Tuesday ,21 November

VW says will invest over 34bn euros
Arab Today, arab today Driverless, electric future just round

GMT 02:45 2017 Monday ,20 November

Driverless, electric future just round
Arab Today, arab today Fedra happy for “Between Two Worlds” success

GMT 09:23 2017 Saturday ,18 November

Fedra happy for “Between Two Worlds” success
Arab Today, arab today paObama climate envoy slams Trump's rejection

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 12:15 2017 Friday ,17 November

Mona Abdel Ghany increased artistic activities

GMT 11:15 2017 Thursday ,16 November

Angola oil boss sacked by father's protege

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 11:38 2017 Wednesday ,15 November

Unloved vultures fight for their survival

GMT 11:49 2017 Thursday ,17 August

Egyptian artist presents new collection of designs

GMT 00:54 2017 Monday ,20 November

Mideast in danger as London explores

GMT 03:12 2017 Saturday ,18 November

Prince's vision spurs new Cornwall village

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday