NBAD posts AED 2.9bn profits in Q1
20 Apr 2017

NBAD posts AED 2.9bn profits in Q1

The National Bank of Abu Dhabi (NBAD) on Wednesday reported a 12.7% increase in the first quarter of 2017.

The Abu Dhabi-based bank achieved AED 2.93 billion ($797 million) in Q1-17, up from AED 2.60 billion ($707.7 million) in the corresponding quarter of 2016, according to a statement.

Revenues recorded an 8.5% year-on-year growth, reaching AED 5.20 billion, compared to AED 4.80 billion on the back of larger operations and investments.

NBAD succeeded in increasing its saving following its merger with First Gulf Bank (FGB) to AED 75 million in Q1-17, which resulted in lower operating expenses by 1.5% and improvement in the expenses-to-revenues ratio by 27.3%.

The bank’s loans portfolio grew 4.6% to AED 368 billion, while customer deposits stood at AED 416 billion by the end of the first three months of 2017, up 11.1% year-on-year.

Results for Q1-17 are the first for the new banking entity following the merger between NBAD and FGB, which resulted in the largest banking entity in the region with assets exceeding AED 670 billion ($183 billion), according to a previous statement by NBAD.

The Abu Dhabi-listed bank previously reported a 1.2% increase in annual profits, registering AED 5.3 billion in 2016, compared to AED 5.23 billion in 2015.

Source: Mubasher