NBAD posts flat Q3 net profit growth

Kuwait Times - - BUSINESS -

DUBAI:

Na­tional Bank of Abu Dhabi, the emi­rate’s largest lender by as­sets, yes­ter­day posted flat growth in third-quar­ter net profit, broadly meet­ing an­a­lysts fore­casts. NBAD, which is cur­rently in a merger process with ri­val First Gulf Bank, made a net profit of 1.32 bil­lion dirhams ($359.4 mil­lion) in the three months end­ing Sept. 30, ac­cord­ing to a state­ment. This com­pared to 1.33 bil­lion dirhams in the same pe­riod a year ear­lier, while the av­er­age fore­cast of three an­a­lysts polled by Reuters was for a net profit in the quar­ter of 1.38 bil­lion dirhams. Merg­ing NBAD and FGB, as rec­om­mended by the boards of the two lenders in July, would cre­ate one of the largest banks by as­sets in the Mid­dle East and Africa. The deal is ex­pected to be com­pleted in the first quar­ter of 2017.

Newspapers in English

Newspapers from Kuwait

© PressReader. All rights reserved.