DUBAI, July 23 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
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)