NBAD posts flat Q3 net profit growth

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.