National Bank of Abu Dhabi (NBAD) has posted a net profit of AED1.37bn for the second quarter of 2016, down 4.8% from AED1.44bn the year ago.
The bank said the fall in profit reflected lower investment gains and higher impairment charges, in spite of growth in strategic businesses and overall stronger operating profits.
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The bank's total revenues were AED2.76bn, up 1.5% from AED2.72bn during the same quarter in 2015. Revenues at the bank's Global Wealth (GW) division dropped 19.6% to AED231m from AED287m the year ago.
The bank's net interest income dipped 0.2% to AED1.83bn from AED1.84bn in the prior year.
Operating profits increased 2.6% to AED1.75bn from AED1.70bn the year earlier.
NBAD chairman Nasser Alsowaidi said: “This has been another strong quarter for NBAD with revenues growing and costs remaining flat. NBAD continues to have a healthy balance sheet, access to diverse sources of funding and a strong liquidity position, meaning the bank is still one of the safest and highly rated in the world.
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By GlobalData“This set of results strengthens the rationale of the proposed merger with FGB that was announced earlier this month. The combination of these two institutions is an exciting moment for NBAD and I am confident that the merger will allow us to create even more value for our customers, shareholders, investors, employees and the people of the UAE.”
