NBAD fourth-quarter profit drops 25 per cent

National Bank of Abu Dhabi, the largest lender by assets in the United Arab Emirates, on Wednesday reported a 24.5 per cent drop in fourth-quarter net profit, missing analysts forecasts.

NBAD, almost 70 per cent owned by an Abu Dhabi state investment fund, made a net profit of Dh1.03 in the three months to December 31, down from Dh1.37bn in the same period a year earlier.

Analysts polled by Reuters had forecast an average net profit for the period of Dh1.32bn.

For 2015, the bank said net profit was Dh5.23bn, down 6.2 per cent from 2014.

The board proposed a cash dividend of 0.4 dirhams per share for the year 2015. The cash figure is the same as the payout in 2014, although the previous year also had a 10 per cent stock dividend.

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