NBAD second quarter net profit dips 4.8 per cent

National Bank of Abu Dhabi (NBAD), the emirate’s largest lender by assets, on Wednesday posted a 4.8 per cent fall in second-quarter net profit, broadly in line with forecasts.

NBAD, which earlier this month said it had provisionally agreed to merge with rival FGB, made a net profit of Dh1.38 billion in the three months ending June 30, according to a statement.

This compared to Dh1.45bn in the same period a year earlier, while the average forecast of four analysts polled by Reuters was for a net profit in the quarter of Dh1.32bn.

Merging NBAD and FGB, as recommended by the boards of the two lenders, 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.

More to follow.

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