National Bank of Abu Dhabi (NBAD) reported a net profit of AED1.33bn for the fourth quarter of 2016, an increase of 28.3% compared to AED1.03bn in the year ago.

Total revenues stood at AED2.71bn for the quarter ended 31 December 2016, a rise of 6.2% from AED2.55bn in the corresponding quarter of 2015. Revenues in the bank’s Global Retail & Commercial (GRC) arm remained almost flat at AED1.11bn during the period.  

Customer loans dropped 3% year-on-year to AED201bn, while customer accounts and other deposits increased 8% to AED253bn.

Operating profit was AED1.72bn, a 13.2% rise from AED1.52bn in the prior year. The bank’s tier-1 capital ratio was 16.9% at the end of the fourth quarter of 2016.

NBAD acting group CEO Abhijit Choudhury said: “From both a full-year and fourth quarter perspective, it has been a good period for NBAD. The bank has performed in line with market expectations and our previous guidance, and we have made significant progress towards our merger with FGB.

“Over the course of the year, we built real momentum in our Global Wholesale and Global Retail and Commercial businesses, particularly within fee-generating business lines. Combined with our expense discipline, robust capital, strong liquidity and prudent risk management, this momentum has enabled NBAD to deliver strong and steady financial performance.”