UAE lender NBAD Q2 net profit up 15.8 pct, misses forecasts

DUBAI, July 23 Tue Jul 23, 2013 6:25am EDT

Related Topics

DUBAI, July 23 (Reuters) - National Bank of Abu Dhabi , the largest lender by market value in the United Arab Emirates, reported a 15.8 percent rise in quarterly net profit on Tuesday but missed analysts' forecasts.

NBAD, almost 70-percent owned by Abu Dhabi's government, made a second-quarter net profit of 1.21 billion dirhams ($329.4 million), up from 1.05 billion dirhams in the year ago period, the bank said in a statement.

However, analysts had forecast an average profit of 1.29 billion dirhams for the quarter in a Reuters poll.

The quarterly profit rise was attributed to higher non- interest and net interest income, with the latter gaining 9.6 percent year-on-year in the second quarter. Net fee and commissions income for the quarter rose 23.5 percent to 476 million dirhams.

Net impairment charges in the second quarter rose slightly year-on-year to 301 million dirhams.

Net profit for the first half of the year rose 25.6 percent to 2.62 billion dirhams. Such a jump was expected after the bumper 35.5 percent rise in first-quarter net profit. ($1 = 3.6730 UAE dirhams) (Reporting by David French; Editing by Dinesh Nair)