National Bank of Abu Dhabi (NBAD) has posted a net profit of AED1.27bn for the first quarter of 2016, down 10.7% compared to AED1.42bn in the year-ago quarter.
The bank attributed the fall in profit to lower investment gains and higher provisions, even though it recorded growth in strategic businesses and stronger net interest income.
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The bank’s total revenues were AED2.65bn, a fall of 1.2% from AED2.68bn a year ago.
Revenues at the bank’s Global Retail & Commercial (GRC) unit increased 19.4% year-on-year to AED1.33bn from AED949m.
The bank’s net interest income increased 2.3% to AED1.83bn from AED1.79bn during the same quarter of 2015.
Operating profits dropped 1.7% to AED1.64bn from AED1.67bn in the prior year. Operating expenses dipped 0.6% year-on-year to AED1.01bn.
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By GlobalDataNBAD chairman Nasser Alsowaidi said: "The steady growth of NBAD’s core business is a sign of strength in this challenging global economic environment. NBAD’s robust balance sheet and healthy liquidity position continue to insulate the bank from external shocks. The bank is on the right track and has a long-term strategy in place to continue delivering sustainable growth."
